Is Crypto Legal in Russia?

Cryptocurrency ownership and trading is legal in Russia, but using cryptocurrencies as payment for goods and services within the country is prohibited. The Bank of Russia has established an experimental legal regime allowing cryptocurrency transactions for qualified investors only, a status granted to individuals whose investments in securities and deposits exceed 100 million rubles and whose annual incomes exceed 50 million rubles (1). The experimental regime is designed for a three-year period and aims to improve transparency of the cryptocurrency market while expanding investment opportunities for sophisticated investors with higher risk appetites (1).

In October 2025, the Bank of Russia announced that domestic banks will be allowed to engage in limited cryptocurrency operations under stringent oversight. The central bank will cap crypto exposure at 1% of a bank's capital, paired with high reserve thresholds to mitigate systemic risk (2). First Deputy Chairman Vladimir Chistyukhin stated that after discussing with the professional banking community, the Bank of Russia concluded it would be unjustified to exclude banks from such operations, though the institution maintains conservative views on decentralized assets like Bitcoin (2).

"We hold conservative views and think about how appropriate it is for the banking sector to include cryptocurrency in its assets. After discussing with the professional banking community, we came to the conclusion that it would be unjustified to exclude banks from such operations."

Russia's experimental legal regime introduced earlier in 2025 allows qualified companies and wealthy investors to use digital assets for international settlements amid Western sanctions and ruble instability (2). The Bank of Russia does not regard cryptocurrencies as a means of payment and proposes to simultaneously impose a ban on settling cryptocurrency transactions between residents outside the experimental legal regime (1). Both Chistyukhin and Governor Elvira Nabiullina have urged the swift passage of a comprehensive cryptocurrency bill by 2026, which would establish a licensing system for service providers and clarify the legal status of crypto entities operating in Russia (2).

Source:
https://www.cbr.ru/eng/press/event/?id=23454
https://blockworks.co/news/bank-of-russia-limited-crypto

Last updated: 19-10-2025 Disclaimer: This article does not provide legal advice. If you need legal advice, please contact an attorney directly.