Russia’s Crypto “Gray Zone” to End: 50 Billion Ruble Daily Volume Triggers Spring Legislation
The Russian Federation is now looking to move away from its ban on digital assets and towards a more solid, governed cryptocurrency market.
Quick overview
- Russia is moving towards a regulated cryptocurrency market, with citizens transferring approximately 50 billion rubles daily.
- The annual turnover of digital assets in Russia has surpassed 10 trillion rubles, highlighting the need for oversight.
- A new regulatory framework will differentiate between qualified and non-qualified investors, with specific access limits and licensing for intermediaries.
- The legislation aims to recognize stablecoins for cross-border payments while planning to legalize and tax the mining industry.
The Russian Federation is now looking to move away from its ban on digital assets and towards a more solid, governed cryptocurrency market. Given the staggering new information that Russian citizens are transferring roughly 50 billion rubles – that’s a cool $648 million – every single day, the Ministry of Finance and the Central Bank (CBR) are now pushing for approval of a new digital asset framework in the upcoming Spring session of the State Duma.
Market Under Pressure: The 10 Trillion Ruble Oversight
At a recent Alfa Talk conference Finance Deputy Ivan Chebeskov laid bare the true dimensions of the nation’s -as yet- unregulated digital economy.
With millions of citizens involved, the annual turnover of digital assets in Russia has officially gone past 10 trillion rubles, that’s over $129.4 billion, so the picture is that we’re talking trillions in citizen savings and transactions taking place with absolutely no oversight.
“This is huge amounts of citizen savings and transactions – right now – completely happening outside regulated oversight,” Chebeskov put it bluntly. “Our assignment is to get these transactions to move into the regulated area so we can both keep consumers safe, along with national financial stability safe.
The New Regulatory Blueprint: Qualified vs. Non-Qualified
According to the new framework, which should be finalized by July 1, 2026, there is going to be a tiered system designed to protect the average investor while – at the same time – allowing for bigger institutional investment to grow.
1. Differentiated Investor Access
- Non-Qualified Investors: Non-qualified investors to the crypto space are capped at an annual purchase of 300,000 rubles whilst retail traders have to pass a “risk comprehension test” before they can gain access to more liquid tokens such as Bitcoin and Ethereum.
- Qualified Investors: Qualified Investors get full access to the whole market however trading in anonymous or privacy-centric coins – such as for example Monero and Zcash – is still strictly off-limits to all.
2. “Simple Licensing” for Intermediaries
Under the concept presented by CBR First Deputy Governor Vladimir Chistyukhin, traditional financial institutions like the Moscow Exchange and major banks will be able to handle crypto assets under their existing licenses. Conversely, specialized crypto-native businesses will face a “simplified” licensing regime starting in 2027 to encourage them to leave the “gray zone.”
Geopolitical Realities: Sanctions and the EU Ban
As Russia’s domestic regulation becomes a high priority, thanks to mounting pressure from the West, The European Union has recently proposed a total ban on all cryptocurrency transactions involving Russia in a recent update to their sanctions package – they’re trying to stop Moscow from using digital assets to bypass traditional banking restrictions in this way.
Russia’s Counter-Strategy
- Cross-Border Payments: The new legislation is thinking about making stablecoins – for example USDT – formally recognized as payment tools for cross-border trade. But as for using them domestically, that’s still a no-no.
- Mining Legalization: Following the 2024 legalization of industrial mining, Russia’s new bill is seeking to capture some of the $13 billion mining industry revenue through taxes, and officials are thinking of the industry as a major future growth driver.
Key Regulatory Milestones
| Milestone | Expected Date | Significance |
| State Duma Vote | Spring 2026 | Initial legislative approval of the crypto bill. |
| Framework Completion | July 1, 2026 | Full legal groundwork for the “Controlled Access” model. |
| License Enforcement | July 1, 2027 | Start of legal liability for unregistered crypto intermediaries. |
The Verdict: A Structural Shift for 2026
The shift from a “Gray Zone” to a “Regulated Hub” is no longer optional for Russia. With daily volumes that put some major global exchanges to shame, the Kremlin is now putting its faith in a “controlled access” model to cash in and monitor its digital economy.
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