Russia’s Crypto Bill Allows Trading, Bans Payments, Sets 300k Ruble Retail Cap

Russia’s crypto market has operated in a legal gray zone for years, with holders able to buy and sell digital assets but no clear rules on their use. The Finance Ministry and the Bank of Russia have long disagreed—ministry favoring regulated legalization, central bank pushing for stricter limits. A revised bill now seeks a compromise, aiming to bring trading under supervision while keeping crypto out of everyday commerce.

Deputy Finance Minister Ivan Chebeskov said the revised regulation text will be ready early next week ahead of its second reading in the State Duma. Under the proposal, Bitcoin, stablecoins and other crypto assets may be bought and sold as regulated investment instruments, but they cannot be used to pay for goods or services inside Russia. Non‑qualified investors would face a yearly limit of 300,000 rubles through a single approved intermediary after passing a knowledge test. Qualified investors would receive broader access, while all transactions would route through supervised entities such as exchanges, brokers or custodians overseen by the Bank of Russia.

The move creates a clear legal channel for crypto trading, which could improve tax collection and anti‑money‑laundering oversight. Bitcoin was trading at $27,400, up 2.1% over 24 hours, with a market cap of roughly $540 billion. Stablecoin USDT held a market cap near $83 billion. The ruble stood at about 92.5 per USD, and Russia’s monthly crypto trading volume is estimated near $1.2 billion. By routing activity through licensed intermediaries, the bill may shift volume from offshore platforms to domestic, supervised venues, potentially boosting transparency. Market participants will watch the State Duma’s second reading for any amendments, the Bank of Russia’s forthcoming guidance on intermediary licensing, and how retail trading volumes react to the 300,000‑ruble cap.