Russia just switched on a crypto market that doesn’t fully exist yet

According to CryptoSlate, Russia's new cryptocurrency law took effect on September 1, establishing a formal, regulated framework for investment and cross-border use. Reported by CryptoSlate, the legislation brings crypto into the country's supervised financial system while maintaining a strict ban on domestic payments for goods and services.

CryptoSlate noted that the market remains incomplete. Key infrastructure, licenses, and rules from the Bank of Russia are not expected to be fully settled until 2027. While exporters and importers can utilize crypto for cross-border settlements, ordinary retail investors face tighter restrictions. Non-qualified investors must pass a test and are limited to purchasing no more than ₽300,000 of eligible cryptocurrency annually per intermediary. Qualified investors must also complete testing but face no monetary cap.

CryptoSlate reported that draft proposals from the central bank include Bitcoin, Ethereum, and Tether’s USDT for public trading, though official lists and operational rules remain under development. Firms have until July 1, 2027, to obtain licenses and achieve compliance, leaving Russia in a transitional period with a legal framework but incomplete market infrastructure.