Russia Outlines New Crypto Rules as 20 Million People Use Digital Assets

Highlights:

• Russia is tightening crypto regulations as officials estimate 20 million people use digital assets across the country.
• Independent crypto exchanges face lower capital requirements, while unlicensed businesses could face criminal penalties under proposed rules.
• Russia is exploring a domestic stablecoin and introducing new rules to protect investors from crypto risks.

Russia is moving ahead with comprehensive cryptocurrency regulation as an estimated 20 million people in the country use digital assets. Deputy Finance Minister Ivan Chebeskov said the government wants to create a legal crypto market with clear rules for exchanges, investors and other financial service providers.

In a September 22 interview with TASS, Chebeskov said Russian citizens hold approximately 3.7 trillion rubles in cryptocurrencies and related financial products. Daily crypto transactions are estimated at 50 billion rubles.

However, much of Russia’s crypto market still operates outside the regulated system. Chebeskov said it took more than 10 years to agree on crypto regulations. Officials initially considered bans and penalties before moving to limited regulation and experimental rules. They have now agreed on a broader legal framework.

Russia Says Investors Will Bear Losses From Foreign Stablecoin Freezes; Crypto Holdings Reach $44B

According to TASS, Russia has around 20 million crypto users with total holdings estimated at RUB 3.7 trillion ($44 billion), while daily crypto transaction volume stands at… pic.twitter.com/hWHug3Accx

— Wu Blockchain (@WuBlockchain) September 23, 2026

Russia Cuts Capital Requirements for Independent Crypto Exchanges

Russia has reduced the minimum capital requirement for independent cryptocurrency exchanges from an initially proposed 30 million rubles to 15 million rubles. Chebeskov said officials lowered the requirement during discussions on the legislation to help independent exchanges compete with larger financial institutions.

The government wants smaller exchanges to remain in the market while meeting financial stability requirements. However, Chebeskov said authorities will need to see how the rules work in practice before assessing their effect on competition.  The new framework also introduces investor protection measures. Qualified investors must pass a test confirming that they understand cryptocurrency risks. Non-qualified investors face additional restrictions, including a purchase limit of 300,000 rubles annually through a single intermediary.

Russia Plans Criminal Penalties for Unlicensed Crypto Businesses

Meanwhile, Russian lawmakers are considering criminal penalties for businesses that organize cryptocurrency transactions without the required authorization. Chebeskov said the proposed offense would apply to companies operating without a license or registration in a special registry. Lawmakers will continue discussing the proposal during the autumn legislative session.

However, the measure is not intended to criminalize ordinary citizens trading their own cryptocurrencies. Penalties would depend on the profit earned or financial damage caused by illegal operations. 

Russian tax residents will also be required to report cryptocurrency transactions outside the regulated system. The requirement covers transactions involving wallet addresses not managed by Russian depositories. The reporting deadline will be 180 days after the Federal Tax Service approves the necessary forms and submission procedures.

Russia Studies Domestic Stablecoin as Foreign Asset Risks Remain

Russia’s Finance Ministry and the Bank of Russia are considering a domestic stablecoin. Chebeskov said they are still looking at how it would work, where it could be used and what risks it might bring. He also raised concerns about foreign stablecoin issuers freezing Russian investors’ assets.