What Will Happen to Cryptocurrency Market Regulation in Russia in 2026?

All signs indicate that 2026 will be a turning point for the Russian crypto market in terms of regulation. For the first time, all government bodies have reached a compromise: regulation is needed.

Licensing of crypto exchanges and exchangers

As early as the first half of 2026, a bill will likely be put forward for discussion establishing a licensing procedure for organisations providing cryptocurrency exchange and trading services. Licences for crypto platforms are expected to be issued by the Bank of Russia.

The requirements for licence applicants can already be predicted:

• a mandatory Russian legal entity with the required share capital;
• appointment of a compliance officer;
• implementation of AML/CFT measures, including mandatory user identification and verification, with user data stored within the Russian Federation;
• implementation of digital compliance measures, including mandatory risk screening of cryptocurrency transactions and blocking of high-risk ones;
• compliance with technical requirements for cryptocurrency trading platforms in terms of resistance to hacking and information security.

It can also be predicted that, at the first stage of the new law, a full stand-alone crypto exchanger licence will not yet be activated, and the right to conduct cryptocurrency business will be given to participants with existing licences, such as banks or professional securities market participants. At the very least, this does not contradict the Bank of Russia's concept for regulating cryptocurrencies on the Russian market dated 23 December 2025.

"Transition period"

Following the example of how licensing was introduced in neighbouring countries, the legislator will give current participants of the grey cryptocurrency exchange market time to either obtain a licence or cease their activities without sanctions.

Already in 2027, a complete ban on any cryptocurrency activity outside the licensed perimeter, together with administrative and criminal liability for operating without a licence, can reasonably be expected.

Restrictions for retail investors

Separately, the Bank of Russia intends to limit the amount of investment in cryptocurrency. The regulator proposes allowing both qualified and non-qualified investors to invest, with mandatory risk-awareness tests for all. Notably, from 1 January 2026 the minimum amount of assets a qualified investor must hold will increase from RUB 12,000,000 to RUB 24,000,000.

Under the regulator's proposal, non-qualified investors will only be able to buy the most liquid cryptocurrencies within a limit of no more than RUB 300,000 per year through a single intermediary.

The final decision on this issue will be made when the bill is drafted.

In 2026, new legislation should close the gap by recognising stablecoins as a separate asset class with its own legal status and establishing rules for their circulation.

For business, a legal status for stablecoins means the opportunity to launch their own projects (for example, Russian companies issuing rouble-backed or commodity-backed stablecoins, which is possible even now, but with significant restrictions).

There are not many regulatory options here, and the following can be expected:

• "correcting" the definition of digital currency by removing the part relating to "the absence of an obligated person";
• introducing special regulation for FDR stablecoins and giving licensed crypto exchangers the right to admit them to trading on a par with digital currency.

If the announced plans are implemented, by the end of 2026 Russia will have a legal segment of cryptocurrency circulation with licensed participants, reporting and supervision.

The Russian cryptocurrency market is thus set to move from a long-standing grey zone to an era of strict but fair regulation. How effective this model will be remains to be seen, but one thing is already clear: legislation will no longer stand still, and 2026 will go down in history as a turning point for the Russian crypto industry.

If you are planning to launch a cryptocurrency project, work with digital assets or prepare for changes in crypto market regulation, and want to identify the applicable requirements in advance and reduce legal risks, C Cases specialists are ready to carry out a legal analysis and support your project, taking into account the specifics of your business.

1. Federal Law No. 259-FZ of 31.07.2020 "On Digital Financial Assets, Digital Currency and Amendments to Certain Legislative Acts of the Russian Federation";
2. Federal Law No. 115-FZ of 07.08.2001 "On Countering the Legalisation (Laundering) of Criminally Obtained Income and the Financing of Terrorism";
3. Federal Law No. 161-FZ of 27.06.2011 "On the National Payment System".