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>>New proposals would prohibit Russians from converting cryptocurrency into cash.

New proposals would prohibit Russians from converting cryptocurrency into cash.

crypthub

2 days ago

Regulatory Scope

All crypto trading in Russia will be limited to cash‑less transactions, banning the conversion of digital assets into paper rubles. The Central Bank’s First Deputy Chairman, Vladimir Chistyukhin, says the rule strengthens control over financial flows and prevents dubious dealings. The measure is part of a draft package, including the “On Digital Currency and Digital Rights” bill, aimed at regulating exchanges and depositories.

Licensing and Compliance

A simple licensing regime will be introduced for participants in the regulated crypto market, with the Central Bank promising easy approval. Existing platforms receive a transitional period to obtain licenses; those operating without one will face severe penalties. Licensed entities will initially handle major coins such as Bitcoin, Ethereum and USDT, with the asset list subject to expansion.

Transaction Limits

Crypto payments for goods and services remain prohibited, but transfers between custodial wallets, including abroad, will be allowed. Deposits from custodial to non‑custodial wallets are forbidden, while holders must notify the Federal Tax Service of their assets. Daily Russian crypto turnover is estimated at 50 billion rubles, a flow the government seeks to legalize and make visible.

Future Outlook

The Central Bank does not currently plan to add digital assets to its reserves, though rapid market changes could alter that stance. The regulatory framework aims to bring more of the economy out of the shadows by July 1 2026. Continued monitoring will determine whether cryptocurrencies become a low‑volatility, highly liquid instrument for future inclusion.