The Russian central bank has drafted a package titled "On digital currency and digital rights" scheduled to take effect on 01.07.2026.

Core principle

Its core principle prohibits cashing out cryptocurrency domestically and requires that all transactions with digital assets inside Russia be non-cash.

Wallets and declarations

Private non-custodial wallets will remain lawful for owners, and mere possession of crypto will not be criminalized under the draft.

However, owners who intend to engage in legally recognized transactions must declare their wallets to the tax authorities and provide required information.

Cross-border and custodial transfers

Withdrawals from official Russian exchangers and digital depositories will be restricted to transfers only to custodial wallets with mandatory client identification.

The regulator classifies international platforms such as Binance and Bybit as custodial, allowing transfers to those venues under the proposed rules.

Sending assets from a Russian custodial wallet to a foreign non-custodial wallet will be prohibited once the law is in force.

Access for retail and qualified investors

For non-qualified investors the permitted asset list will be limited to bitcoin, Ethereum and the stablecoin USDT, excluding other tokens from retail access.

Other cryptocurrencies will be available only to participants classified as qualified investors under the draft framework and applicable rules.

Grandfathering, licensing and penalties

Cryptocurrencies acquired before 01.07.2026 may be legalized through declaration and documentation confirming the source of funds.

Only licensed entities — exchanges, brokers, asset managers and specialized crypto exchangers — will be allowed to operate with digital assets.

Banks and brokers are expected to receive licenses on a notification basis derived from existing authorisations, according to the draft.

Violations carry fines up to ₽1 000 000, and the draft allows introducing criminal liability for unauthorised professional activity, mirroring banking norms.

Payments and central bank reserves

Cryptocurrency will remain prohibited as a means of payment within Russia, preserving the current ban on domestic settlement uses.

The central bank also does not plan to include digital currencies in its reserves, citing concerns about market stability and liquidity.