Russia is on the verge of a major legal shift that would allow more of its citizens to buy and own cryptocurrencies. Lawmakers in the State Duma are finalizing a bill designed to lower barriers for ordinary Russians while maintaining certain safeguards and restrictions.
This draft legislation represents a notable change from years of strict limits. According to reports, the proposal would remove cryptocurrencies from a special financial regulation category, integrating them more fully into everyday financial life. Lawmakers suggest this could turn crypto ownership into a common activity rather than a privilege for a select few.
“A bill has already been prepared that removes cryptocurrencies from special financial regulation, which means they will be a common occurrence in our lives,” said Anatoly Aksakov, head of the State Duma’s Financial Market Committee.
Broader Access Within Limits
Under the current draft, individuals not classified as “qualified investors” would be permitted to purchase digital assets up to an annual limit of 300,000 rubles (approximately $3,800). This cap is intended to broaden participation while aiming to protect people from significant losses due to market volatility.
Ordinary buyers would still need to meet certain conditions, such as completing a basic risk-awareness step and conducting trades only through licensed brokers or exchanges. These measures are designed to prevent unregulated peer-to-peer trading from becoming dominant.
Professional or qualified investors would operate under fewer restrictions, able to trade and hold a wider range of cryptocurrencies without annual limits, though they may still need to demonstrate an understanding of the risks involved.
Legislative Timeline
Lawmakers have indicated the draft is ready and will be debated during Russia’s spring parliamentary session. If passed by the State Duma, the new rules could take effect in 2026. Aksakov stated this move could make cryptocurrency “a normal part of life” for many Russians.
Simultaneously, Russian regulators are developing additional crypto rules. The Bank of Russia has announced plans to establish penalties for illegal crypto intermediaries starting in 2027 and is advocating for a broader regulatory framework covering all types of investors.
Balancing Risk and Utility
Russia continues to ban the use of cryptocurrencies for payments for goods and services within the country, a rule established in 2021. Officials confirm the new bill would not alter that prohibition, focusing instead on investment and ownership rather than everyday spending.
Frequently Asked Questions
FAQs Russias Proposed Bill to Restrict Cryptocurrency Purchases
1 What is this new bill Russia is proposing
Russias Ministry of Finance has proposed a draft bill that would restrict how individuals can purchase cryptocurrencies like Bitcoin The core idea is to limit purchases to only licensed Russian platforms and to ban the use of foreign cryptocurrency exchanges for Russian citizens
2 Why is Russia trying to restrict crypto purchases
The government cites two main reasons Financial Control Sovereignty To prevent capital from flowing out of the country and to better monitor financial transactions National Security To combat the use of crypto in illegal activities like money laundering or financing organizations deemed undesirable by the state
3 Can I still buy cryptocurrency if this bill passes
Yes but with major limitations You would only be legally allowed to buy crypto through digital asset exchanges that are licensed and registered within Russia Using international platforms or peertopeer trades with foreigners would become illegal
4 What happens if I use a foreign exchange or a VPN
The bill proposes making it illegal If caught you could face administrative fines The government also plans to block the IP addresses of major foreign crypto exchanges to enforce the ban though techsavvy users might still circumvent this with VPNsat their own legal risk
5 Does this mean cryptocurrency is banned in Russia
No its not an outright ban The government is trying to create a highly controlled walledgarden system Mining and owning crypto are still legal but the channels for acquiring it are being severely restricted to stateapproved avenues
6 How would this bill affect Russian crypto miners
Miners would face a big problem selling their mined coins They would be forced to sell their cryptocurrency only through licensed Russian platforms which may offer less favorable prices and liquidity compared to the global market This could significantly reduce profitability
7 When will this law take effect
Its still just a proposal The draft bill has been submitted and must go through the legislative process in the State Duma which can take months and may involve changes There is no confirmed effective date yet
8 Whats the difference between this bill and the Digital Ruble
This bill is about restricting