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Russia signs law to regulate crypto exchanges, keeps payment ban

The law allows only registered entities to operate as exchanges and limits retail trading to liquid cryptocurrencies at 300,000 rubles, or $3,700, per year.

Reported · Written up by our desk · Regulation

Russia’s President Vladimir Putin has signed a law that formalizes regulation of digital currencies and digital rights in the country, according to reporting by TASS carried by Bitcoin Magazine.

Under the new framework, only registered entities can operate as crypto exchanges, and retail investors face limits on the amount they can trade. For now, retail investors are capped at 300,000 rubles, or $3,700, per year for trading most liquid cryptocurrencies, while qualified investors have no restrictions.

The law also preserves Russia’s prohibition on using digital currencies as a means of payment or legal tender. Bitcoin Magazine notes that crypto has been illegal in Russia for payments since 2022, though digital currencies can be used for settlements under foreign trade contracts between residents and non-residents, or by parties involved in crypto mining.

The article says Russian regulators and lawmakers have been working for years to establish clearer rules for digital assets, and highlights that the payment ban may contrast with earlier remarks from Putin about technology and Bitcoin mining advantages linked to low energy costs.

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