RUSSIA SET TO SEE NEW LICENSED CRYPTO MARKET PARTICIPANTS BY END OF 2026

In brief: 

₿- New crypto market participants could receive expanded powers in Russia by the end of 2026 as the country implements its digital asset regulatory framework.

₿- Cryptocurrencies and stablecoins can be used for cross-border trade settlements, while domestic crypto payments face fines of up to 40% of the transaction value.

Russia’s cryptocurrency market could see the arrival of new licensed participants before the end of 2026, as the country moves to implement its newly established legal framework for digital assets.

Vladimir Chistyukhin, First Deputy Governor of the Bank of Russia, said new market participants with expanded powers could begin operating by the end of the year. His comments came as Russia enters a new phase of regulating cryptocurrency and stablecoin activity following legislation that took effect on 1 September 2026.

Russia begins transition to regulated crypto market 

The new framework is designed to bring parts of Russia’s crypto industry into a formal legal environment while giving businesses time to adjust their operations. According to Chistyukhin, the transition period will run until mid-2027, allowing market participants to adapt their internal systems and determine how they will operate under the new rules.

The potential emergence of licensed entities could therefore mark an important step in the development of Russia’s regulated crypto market. Rather than introducing all requirements immediately, the transition period provides institutions and businesses with time to prepare for the new compliance environment.

Crypto and stablecoins permitted for cross-border trade

One of the key features of the framework is the treatment of cryptocurrencies and stablecoins in international transactions. Participants in foreign trade can use digital assets to settle payments under foreign trade contracts.

These transactions remain subject to existing requirements covering currency controls, anti-money laundering (AML), and counter-terrorist financing (CFT). The Bank of Russia is also preparing detailed rules on the supporting documents that residents and non-residents will need to provide to authorised banks.

The regulatory approach also allows qualified and non-qualified investors to acquire digital assets under applicable conditions. Investors may transfer assets to their own wallets abroad or send them to non-residents as payment for goods and services.

Domestic crypto payments face restrictions

While Russia is opening specific channels for cryptocurrency use in international commerce, the rules draw a clear distinction between cross-border and domestic transactions.

Since 1 September, using cryptocurrencies or stablecoins for domestic settlements is treated as an illegal currency transaction. Violations can result in fines reaching up to 40% of the transaction value.

Russia’s crypto sector is therefore entering a period of significant regulatory change. The coming months will show how new licensed participants, financial institutions, and investors adapt to the framework and how the Bank of Russia implements the remaining operational requirements.