Russia’s crypto legalization: what the new law actually changes for wallets, exchanges, and compliance

Russia has formalized crypto as property, put domestic intermediaries under Bank of Russia supervision, and kept local crypto payments off-limits. For high-risk PSPs, the important part is not the headline about “legalization” — it is that the state is building a controlled on-ramp while narrowing the room for offshore and informal exchange.

1. Vladimir Putin signed the law “On Digital Currencies and Digital Rights” on 4 August, and almost all of it takes effect on 1 September. Crypto holdings on wallets were already allowed under ФЗ-259 since 2020; what had been prohibited was paying with it, not owning it.
2. The law treats cryptocurrency as property, which means courts can protect rights to it. In practical terms, that matters for theft, disputes, and recovery claims: before this, the legal status was murkier, and stolen crypto was harder to frame in court. The source also says this applies regardless of whether the holder previously declared the assets.
3. Access to crypto is being routed through Russian entities rather than foreign exchanges. The new infrastructure will include exchanges, brokers, exchangers, and digital custodians under Bank of Russia oversight. A private investor will enter through a Russian intermediary, not through an offshore platform.
4. For exchangers, the regime gets much tighter. Only Russian legal entities from the Bank of Russia register will be allowed to operate as exchangers, with minimum capital, capital adequacy ratios, KYC (know your customer) rules, and anti-money laundering procedures. The turnover threshold is 3.5 million rubles per month. Until 1 July 2027, exchangers may operate without being in the register; after that, operating outside the register can trigger criminal liability. Organizing exchange without a license with income above 13.5 million is punishable by up to 7 years.
5. On 11 August, the Central Bank published the list of cryptoassets available for this framework: Bitcoin, Ethereum, and Tether USDT. The criteria are strict: market capitalization, average daily turnover, and at least 5 years of price history outside Russia. Altcoins are excluded. Unqualified investors can buy up to 300k per year from each intermediary; qualified investors have no limit.

Domestic crypto payments remain banned, with exceptions for foreign trade contracts, securities payments, and network fees. Transfers above 100k to a non-custodial wallet will go through a 48-hour cooling-off period. The tax angle is now visible too: income flows will be easier to monitor, and the source says this triggers personal income tax at 13% up to 2.4 million of income and 15% above, in line with investment income rules.