The landscape of the crypto world is quietly changing again. Russia is brewing a regulatory shift—not just cracking down on cryptocurrencies, but planning to incorporate this force into the national framework through legal structures. According to the timetable, relevant legislation will be completed by July 1, 2026, which means that the trading activities of tens of millions of participants will soon move from the underground to the sunlight.

Why is Russia making this decision? Two forces are driving it:

One is practical helplessness. Russia already has nearly 20 million people holding crypto assets, making it no longer a niche topic. Banning it outright is impossible, so they choose to regulate instead. The other is the actual demand under sanctions. When Western financial channels are blocked, crypto assets naturally become an alternative tool for cross-border settlement. Instead of letting this demand spread in gray areas, it’s better to proactively set rules.

The design logic of the new regulations is quite interesting:

Cryptocurrencies will be officially defined as "currency assets," which can be legally traded, but with a clear restriction—cannot be used for payments domestically. This allows holding and trading while preventing it from undermining the ruble’s position. There are two levels of access: ordinary investors need to pass a risk test, with an annual purchase limit of about 300,000 rubles (roughly $3,300 USD); qualified institutional investors face no such limit. Profits from trading must be reported to the tax system, and all earnings are subject to taxation.

In terms of implementation timeline, the legal framework will officially take effect in July 2026, but penalties for illegal intermediaries will not start until July 2027, giving the market and participants an adaptation period.

This is not simply a "liberalization," but rather a way to bring a long-standing market into the system through regulation. The official recognition by a major economy essentially adds a card to the global legitimacy of crypto assets. For market participants, this policy tilt is continuously changing the game rules one after another.