Significant developments continue to unfold globally regarding cryptocurrencies. In this context, important news has come from two of the world’s largest economies: the US and Russia. At this
Significant developments continue to unfold globally regarding cryptocurrencies. In this context, important news has come from two of the world’s largest economies: the US and Russia.
At this time, as the US reached a critical agreement regarding the Clarity Act, one of its most important pieces of legislation, Russia also crossed a significant threshold in its own regulatory framework.
According to an official statement from the Central Bank of Russia, the State Duma, Russia’s lower house of parliament, has approved a bill regulating cryptocurrencies in its latest vote.
However, the legal process is not yet complete. For the law to come into effect, it needs the approval of the Federation Council, the upper house of parliament, and finally, the final signature of Russian President Vladimir Putin. With Putin’s signature, the main provisions of the law are expected to enter into force on September 1, 2026.
The new regulation stipulates that cryptocurrency transactions in Russia can only be conducted through authorized brokerage firms.
At this point, the bill differentiates between cryptocurrency trading limits for general investors and qualified investors.
Accordingly, unqualified individual investors, provided they pass the eligibility test, will be able to purchase cryptocurrency worth a maximum of 300,000 rubles (approximately $3,800) per year through a single brokerage firm. In contrast, the cryptocurrency purchase limit for qualified investors is set at 3 million rubles.
The bill also imposes restrictions on cross-border transactions by individual investors. The limit for international cryptocurrency transfers for individual investors is set at 100,000 rubles, while the limit for qualified investors is 1 million rubles.
Despite all these regulations, the law does not change the ban on using Bitcoin and other cryptocurrencies as a means of payment within the country.
This means that the use of cryptocurrencies for payments for goods and services will remain prohibited in Russia, and the Russian Ruble will continue to be the sole official means of payment in the country.
“…It is important to note that making payments with cryptocurrency is still prohibited within the country…”
One of the notable provisions of the legislation concerns cross-border payments. While limits were placed on cross-border transactions by individual investors, commercial payments were exempted from these restrictions.
Exporters and importers will be able to use cryptocurrencies in international trade without any monetary limits. This practice will be overseen by the Central Bank of Russia.
“Exporters and importers will be able to use cryptocurrencies for cross-border payments without any restrictions. Such transactions will be possible through intermediary institutions and directly, for all types of wallets and cryptocurrencies.”
As a result, when the new regulation comes into effect, the cryptocurrency market in Russia will for the first time have a comprehensive legal framework. However, the ban on using cryptocurrencies for payments will remain in place.
*This is not investment advice.
Continue Reading: Russia Takes Historic Step Regarding Bitcoin and Altcoins: A New Era Begins!
