Putin signs law establishing regulated crypto market

Russian President Vladimir Putin has signed a comprehensive law establishing the country's first regulated market for digital currencies, a move that legalizes cryptocurrency trading while maintaining a ban on their use for domestic payments. The legislation, which takes effect on September 1, 2026, creates a formal framework for crypto exchanges, custodians, and trading under the supervision of the Central Bank of Russia.

The new law, titled "On Digital Currencies and Digital Rights," formalizes an already active market. It mandates that all cryptocurrency trading by Russian residents must occur through licensed platforms and intermediaries overseen by the Central Bank. A new system of digital depositories will be responsible for recording ownership of crypto assets. While the law legalizes investment and trading, it explicitly prohibits the use of cryptocurrencies as legal tender for payments within Russia.

Access for retail investors will be restricted. All investors must first pass a basic knowledge test. Non-qualified investors, who reportedly constitute about 98 percent of market participants, will be limited to purchasing up to 300,000 rubles (approximately $3,800) worth...