Only organizations on a special government registry may run crypto exchanges, and existing operators get a grace period to register by July 1, 2027. Registered exchanges need at least 15 million rubles (about $187,000) of their own capital and must join a self-regulatory body in the financial market.
Regular exchange activity kicks in once a firm trades more than 3.5 million rubles in a month. Banks and foreign-lender branches must reject transfers they suspect are routed through an unregistered provider.
Retail access is capped and gated. Non-accredited investors may buy the most liquid cryptocurrencies (list to be disclosed) through licensed intermediaries, up to 300,000 rubles per year per intermediary, and both retail and qualified investors must pass a knowledge test. Qualified investors face no purchase limit.
The law also guarantees court protection for crypto owners regardless of whether they declared the assets before.
The sanctions questionThe law gives Russian holders something they didn't have: legal standing and a licensed venue. It gives the state what it wanted more: a central bank-supervised pipeline it can monitor.
