Moscow — December 25, 2025. Russia is moving toward the most formal, retail-facing crypto regime it has ever proposed — but with guardrails designed to keep the market tightly supervised, limit household exposure, and preserve the ruble’s monopoly on domestic payments.
At the center of the shift is a new concept paper from the Bank of Russia that would allow both retail (“non‑qualified”) and professional (“qualified”) investors to buy crypto through licensed intermediaries, under mandatory testing and strict limits for most citizens. [1]
Today’s follow-up reporting (December 25) adds a key operational angle: Russia’s biggest exchanges say they’re preparing to support regulated crypto trading once the legislative framework is in place — potentially bringing activity out of the “grey zone” and into broker, exchange, and custodian rails already overseen by the state. [2]
At the same time, another strand of the story is gaining traction: senior officials, including the central bank governor, have begun acknowledging that Russia’s fast-growing Bitcoin mining industry may be influencing the ruble — a notable change in tone from an institution that spent years warning against crypto. [3]
What Russia’s central bank is proposing — and what it is not
The Bank of Russia’s December 23 concept frames crypto as high-risk — volatile, without an identifiable issuer, and exposed to “sanction risks” — while still accepting that regulated access may be preferable to an unregulated market. [4]
Here’s what the proposal says, in practical terms:
Retail investors could buy crypto — but only after testing and under a hard cap
Under the concept, non‑qualified (retail) investors would be allowed to purchase only the “most liquid” cryptocurrencies (to be defined by legal criteria), after passing testing, and only up to ₽300,000 per year through one intermediary. [5]
That structure signals a “permissioned” model: access exists, but it is narrow, monitored, and routed through approved market participants.
Qualified investors get broad access — except “anonymous” tokens
Qualified investors would be permitted to buy any cryptocurrencies except anonymous ones (tokens whose smart contracts conceal transfer information), with no transaction-size limits — but they, too, must pass a test intended to confirm risk awareness. [6]
Crypto and stablecoins could be traded — but not used to pay for goods inside Russia
The proposal classifies digital currencies and stablecoins as “currency assets” that may be bought and sold, while explicitly maintaining the long-standing line that they may not be used for domestic payments. [7]
This “tradable, not spendable” position has also been reinforced publicly by lawmakers. In mid‑December, State Duma financial markets committee chair Anatoly Aksakov said domestic payments must be conducted in rubles and that crypto should remain an investment instrument rather than money. [8]
The plumbing would rely on existing licensed infrastructure
Rather than creating a parallel “crypto-only” system, the concept says crypto transactions could be conducted through existing licensed entities — exchanges, brokers, and trustees — while introducing separate requirements for specialized depositories and exchange offices that deal with crypto. [9]
Overseas purchases could be allowed — but with tax reporting
One of the more consequential details is cross-border flexibility: residents would be able to purchase crypto abroad using foreign accounts and transfer previously acquired balances through Russian intermediaries abroad — but these transactions would be reportable to tax authorities. [10]
A multi-year timeline: laws by mid‑2026, tougher liability by mid‑2027
The Bank of Russia says the legal framework is to be drafted before July 1, 2026, and that from July 1, 2027 legislation would introduce liability for intermediaries’ illicit crypto operations, comparable to penalties for illegal banking. [11]
Why this is being framed as a “U-turn” in Moscow
For years, Russia’s central bank was widely seen as the main domestic opponent of crypto liberalization. That’s why the new concept is being described by political and industry figures as a sharp pivot — not necessarily toward “embracing” crypto, but toward controlling it through regulated channels.
In coverage published December 24, Russian lawmaker Anton Gorelkin (first deputy chair of the State Duma’s IT committee) described the bank’s move as a notable turnaround after years of pushing for a ban, calling the new posture more “balanced” while noting the regulator is still firm on two points: crypto is high-risk and it cannot be used for domestic transactions. [12]
Bloomberg’s reporting similarly frames the shift as a sign that sanctions have reshaped Russia’s approach to crypto assets, as policymakers seek workable financial rails under constraints. [13]
What’s new today (Dec. 25): Russia’s biggest exchanges signal readiness to trade crypto
A proposal is one thing; market readiness is another. Today’s news cycle (December 25) focuses on the latter.
Reporting circulating on Dec. 25 says both the Moscow Exchange and SPB Exchange have indicated they are preparing to launch regulated crypto trading once the relevant rules take effect, aligned with the mid‑2026 legislative target. [14]
Russian outlet RIA Novosti quoted exchange statements that underscore how quickly a legal green light could translate into product rollout. According to the report:
- Moscow Exchange said it is actively working on solutions to service the crypto market and intends to launch circulation once regulation appears. [15]
- SPB Exchange said it is ready to begin trading after legal changes and already has the technological infrastructure for trading and settlements. [16]
The takeaway for investors and the broader market: if Moscow does finalize rules on the timeline it outlined, Russia’s largest venues and brokers may not need to build from scratch. The strategy appears to be to fold crypto into existing, licensable market structures — while fencing off the higher-risk edges of the market (privacy/anonymous tokens, and domestic payments).
Bitcoin mining and the ruble: a new narrative from old skeptics
Alongside retail trading rules, Russia’s crypto debate is being pushed by another reality: industrial-scale mining.
In recent days, commentary attributed to central bank governor Elvira Nabiullina has drawn attention because it treats mining not only as a risk, but as a macro factor. DL News reported that Nabiullina said mining may be contributing to the ruble’s strength, while also stressing that the impact is difficult to quantify because a significant share of mining remains outside full reporting channels. [17]
A separate summary of the same theme notes that Nabiullina described mining as an additional factor supporting the ruble, again highlighting measurement challenges due to activity outside standard reporting. [18]
Why this matters for the retail-trading proposal:
- If mining is increasingly treated as an “export-like” sector — converting domestic energy into an asset that can be sold abroad — the state has an incentive to regulate the ecosystem around it rather than trying to suppress it. [19]
- A regulated trading framework could also provide clearer channels for custody, compliance, and taxation — the kinds of controls a central bank typically wants before tolerating broader access.
Mining was legalized in 2024 — but enforcement and “grey zone” issues persist
Russia’s mining industry did not emerge overnight, and neither did the state’s attempt to regulate it.
Interfax reported in 2024 that President Vladimir Putin signed a bill legalizing cryptocurrency mining in Russia, with the law taking effect from November 1, 2024. [20]
Reuters reporting from 2024 also described how illegal mining operations have strained regional power systems and how the new mining legislation was intended to introduce registration and reporting requirements — a reminder that the state’s mining stance has been shaped as much by grid stability and tax visibility as by financial policy. [21]
The regulatory “trade”: access for investors, control for the state
Put together, Russia’s late‑December 2025 crypto news paints a clear bargain:
- Retail investors gain limited legal access (knowledge test + ₽300,000 annual cap via one intermediary). [22]
- Professional investors gain broad access (still tested; no limits; no anonymous tokens). [23]
- Intermediaries and infrastructure stay inside the licensing perimeter, using existing exchanges, brokers, and trustees. [24]
- Domestic payments remain off-limits, preserving ruble primacy. [25]
- Cross-border activity is tolerated, but reported (tax notification for certain foreign-account and transfer activity). [26]
- A timeline sets expectations: laws by July 1, 2026; stronger liability from July 1, 2027. [27]
For policymakers, the structure attempts to reduce two risks that the central bank repeatedly flags: consumer losses in a volatile market and the use of crypto rails in ways that conflict with domestic controls (including sanctions exposure). [28]
For market participants, the direction of travel is hard to miss: crypto in Russia is increasingly being positioned not as an outlaw technology, but as an asset class that the state wants to contain, monitor, and — where useful — integrate.
What to watch next
With December 2025 ending in a rush of signals, the next milestones are likely to define whether this becomes a functional retail market or a narrowly permitted niche.
Key questions now include:
- Which assets count as “most liquid” for retail buyers — and who sets the criteria. [29]
- How the testing regime works in practice, including pass/fail thresholds and retesting. [30]
- Which intermediaries will be authorized and what disclosures they must provide to clients. [31]
- How quickly exchanges operationalize their stated readiness once laws are finalized. [32]
- Whether mining’s “export” framing translates into further tax and reporting rules — especially given officials’ repeated focus on activity outside official visibility. [33]
For now, Russia’s message is consistent across all the strands of this week’s coverage: crypto may be coming inside the tent — but it won’t be allowed to rearrange it.
References
1. www.cbr.ru, 2. www.tradingview.com, 3. www.dlnews.com, 4. www.cbr.ru, 5. www.cbr.ru, 6. www.cbr.ru, 7. www.cbr.ru, 8. www.dlnews.com, 9. www.cbr.ru, 10. www.cbr.ru, 11. www.cbr.ru, 12. www.dlnews.com, 13. news.bloomberglaw.com, 14. www.tradingview.com, 15. ria.ru, 16. ria.ru, 17. www.dlnews.com, 18. bitbo.io, 19. bitbo.io, 20. interfax.com, 21. www.reuters.com, 22. www.cbr.ru, 23. www.cbr.ru, 24. www.cbr.ru, 25. www.cbr.ru, 26. www.cbr.ru, 27. www.cbr.ru, 28. www.cbr.ru, 29. www.cbr.ru, 30. www.cbr.ru, 31. www.cbr.ru, 32. www.tradingview.com, 33. www.dlnews.com
