Russia’s government has approved new legislation that restricts retail crypto trading and requires all digital asset transactions to go through licensed intermediaries.
The Finance Ministry said the new framework bans transactions involving digital currencies without regulated intermediaries. It also sets limits for retail investors, allowing purchases of only the "most liquid" digital currencies, defined by the Bank of Russia.
Retail investors must pass a test and are capped at 300,000 rubles ($3,700) annually through a single intermediary.
Source: Ministry of Finance of Russia (Minfin), translated by Telegram
The rules still permit residents to trade crypto abroad via foreign accounts, as long as those transactions are reported to tax authorities.
Crypto operators must now obtain licenses, and banks or brokers may participate under strict conditions. Violations will incur administrative penalties.
Critics warn the measures could drive crypto activity underground, undermining government oversight goals.
Exved founder Sergey Mendeleev noted that Russia’s approach contrasts with global trends toward tokenization and open markets.