TLDR
- Russia will allow crypto exchange only through non-cash transactions.
- Authorities will introduce a licensing regime for crypto platforms.
- Bitcoin (BTC), Ethereum (ETH), and Tether (USDT) will be approved first.
- Crypto payments for goods and services will remain prohibited.
- Lawmakers aim to pass the legislation before July 1, 2026.
Russian authorities will prohibit cryptocurrency exchanges involving cash under a new regulatory proposal. The Central Bank confirmed that all crypto transactions must use non-cash methods under the upcoming framework. Lawmakers expect to adopt the legislation before July 1, 2026, as officials tighten oversight of digital asset flows.
Russia to Enforce Cashless Crypto Exchange Rules
The Central Bank of Russia will require all cryptocurrency exchanges to operate through non-cash transactions. Vladimir Chistyukhin, First Deputy Chairman of the bank, confirmed the restriction during an interview with RBC Radio. He said authorities need the measure to strengthen oversight of digital financial flows.
Chistyukhin stated that converting cryptocurrency into physical banknotes “won’t work in Russia.” He explained that regulators want transparency similar to securities trading systems. Officials submitted the draft legislation to the State Duma as part of a broader regulatory package.
The proposed law titled “On Digital Currency and Digital Rights” will regulate crypto-related activities nationwide. The Central Bank and the Ministry of Finance developed the framework jointly. Authorities intend to build domestic infrastructure, including exchanges and digital depositories.
Officials estimate that Russian residents conduct daily crypto transactions worth about 50 billion rubles, or over $600 million. The government aims to legalize and monitor these flows under the new system. Lawmakers must pass and enforce the measures before the July 2026 deadline.
Bitcoin (BTC), Ethereum (ETH), and Tether (USDT) to Lead Listings
Regulators will introduce a licensing regime for crypto market participants operating in Russia. Chistyukhin described the license as simple and accessible to qualified applicants. However, he acknowledged that companies will face additional compliance costs.
Authorities will grant a transition period for existing platforms to meet regulatory standards. Companies that fail to obtain licenses will face enforcement action. Chistyukhin stated that authorities will “severely punish” those operating without approval.
Licensed exchanges will initially support Bitcoin (BTC), Ethereum (ETH), and Tether (USDT). The Central Bank will retain authority to expand the list of approved assets. Officials will prioritize the most liquid cryptocurrencies in the early phase.
Digital depositories registered with the Central Bank will maintain records of client rights. These entities must operate as Russian legal entities. Authorities will restrict transfers between custodial and non-custodial wallets.
Chistyukhin reaffirmed that cryptocurrencies cannot serve as a means of payment within Russia. However, authorities will permit transfers abroad under custodial conditions. Russian citizens must notify the Federal Tax Service about their crypto holdings under the new rules.
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