2024

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<h2 id="a-tightly-controlled-market-opens">A tightly controlled market opens</h2>President Vladimir Putin has signed into law Russia's first comprehensive cryptocurrency framework, legalizing crypto trading from September 1, 2026. The legislation does not open a free market. <cite>Cryptocurrencies remain prohibited as a means of payment inside Russia, and individuals may only buy and sell them through licensed market participants operating within infrastructure overseen by the Central Bank.</cite>The token whitelist is the law's most restrictive feature for traders. <cite>Retail investors can only buy tokens from a Central Bank-approved list of "liquid cryptocurrencies." Draft thresholds include an average market cap above 5 trillion rubles over two years and daily trading volume above 1 trillion rubles, with assets required to show at least five years of price history on a licensed foreign exchange. The tradable universe therefore narrows to a handful of large-cap coins, widely expected to be <a href="https://x.com/search?q=%24BTC&amp;src=cashtag_click" rel="noopener noreferrer nofollow">$BTC</a>, <a href="https://x.com/search?q=%24ETH&amp;src=cashtag_click" rel="noopener noreferrer nofollow">$ETH</a>, and <a href="https://x.com/search?q=%24USDT&amp;src=cashtag_click" rel="noopener noreferrer nofollow">$USDT</a>. Smaller altcoins are effectively excluded from the legal Russian market.</cite><cite>Putin had signed an experimental law in August 2024 that permitted mining and international crypto payments. The new legislation is the permanent framework that replaces that trial.</cite><cite>From September 1, the Bank of Russia will license five categories of participant: exchanges, brokers, management companies, depositories, and exchangers.</cite><h2 id="retail-investors-bear-the-heaviest-burden">Retail investors bear the heaviest burden</h2><cite>Retail investors must pass a knowledge test before trading. Those not classified as "qualified" investors, roughly 98% of the Russian market according to the Central Bank, are limited to purchasing no more than 300,000 rubles (approximately $3,840) worth of cryptocurrency per year through any single intermediary.</cite><cite>Qualified investors face higher ceilings, up to 3 million rubles for purchases and 1 million rubles for foreign transfers.</cite> Cross-border settlement use, notably for trade under sanctions conditions, remains unrestricted. <cite>The legislation regulates mining and allows limited use of digital currencies in foreign trade settlements and certain transactions, amid heightened EU sanctions targeting Russia's crypto activities.</cite><cite>Firms in a special registry may conduct exchange activity, with a grace period running to July 1, 2027. Such firms must carry minimum capital of 15 million rubles, around $190,000, and must join a self-regulatory body.</cite><cite>Banks will be required to reject transfers to unauthorized cryptocurrency service providers.</cite><cite>The law also recognizes cryptocurrency as property rather than money under Russian civil code, meaning crypto holdings gain judicial protection in courts, bankruptcy filings, and divorce proceedings.</cite>Sources: <a href="https://www.themoscowtimes.com/2026/07/22/russia-passes-crypto-law-to-legalize-trading-under-tight-central-bank-oversight-a93307" rel="noopener noreferrer nofollow">The Moscow Times: Russia Passes Crypto Law to Legalize Trading Under Tight Central Bank Oversight</a> <a href="https://www.coindesk.com/policy/2026/07/21/russia-s-parliament-passes-crypto-market-law-rules-to-take-effect-sept-1" rel="noopener noreferrer nofollow">CoinDesk: Russia Passes Historic Crypto Rules to Regulate Trading and Target Foreign Trade</a> <a href="https://bitcoinmagazine.com/news/russia-passes-landmark-crypto-law" rel="noopener noreferrer nofollow">Bitcoin Magazine: Russia Passes Landmark Crypto Law</a>

Russia legalizes crypto trading with a 98% catch

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