Russia’s central bank unveils new crypto rules to be adopted in 2026

• Russia's central bank has proposed a framework to legalize and regulate cryptocurrency trading for individuals and institutions.
• The proposal allows ordinary citizens to buy and sell cryptocurrencies through regulated platforms, with limits for nonqualified investors.
• The framework supports broader use of Russian-issued digital financial assets and permits crypto purchases abroad with mandatory tax reporting.

Russia’s central bank laid out a proposed framework that would legalize and regulate cryptocurrency trading for both individuals and institutions, continuing its softening stance toward cryptocurrencies. However, it continues to caution that investing in crypto carries risks, including potential losses.

“They are not issued or guaranteed by any jurisdiction and are subject to increased volatility and sanctions risks,” the central bank’s press release said. “When deciding to invest in crypto assets, investors should understand that they assume the risk of potential loss of their funds.”

The central bank also said that “digital currencies and stablecoins are recognized as monetary assets; they can be bought and sold, but they cannot be used for domestic payments.”

According to the proposal, “digital currencies and stablecoins are recognized as monetary assets; they can be bought and sold, but they cannot be used for domestic payments”.

The proposal follows months of reporting showing Russia moving toward broader crypto access under regulated conditions. Officials had previously acknowledged widespread crypto use and weighed bank involvement. The shift also comes amid growing signs that major Russian financial institutions are planning or seeking approval to offer spot crypto trading under the new framework.

Under the proposal, ordinary Russian citizens would be able to buy and sell cryptocurrencies through regulated platforms. Nonqualified investors could purchase up to 300,000 rubles (about $3,300) worth of crypto per intermediary each year, provided they pass a risk‑awareness test. Qualified investors could trade without volume caps but would also face a knowledge assessment. Privacy-focused cryptocurrencies that conceal transaction data would remain prohibited.

The framework grants legal status to crypto services offered by Russia’s existing financial firms, including exchanges, brokers and asset managers, if they operate under current licenses. It also paves the way for new rules governing digital asset custodians and wallet providers.

The proposal would also permit Russian residents to purchase crypto abroad using foreign accounts and later transfer those holdings to licensed domestic platforms, with mandatory tax reporting requirements, a reversal from the Bank of Russia's previous stance. It also supports broader use of Russian-issued digital financial assets (DFAs), including their circulation on public networks and potential access for foreign investors.

2025 was defined by a stark divergence: structural progress collided with stagnant price action. Institutional milestones were reached and TVL increased across most major ecosystems, yet the majority of large-cap Layer-1 tokens finished the year with negative or flat returns.

This report analyzes the structural decoupling between network usage and token performance. We examine 10 major blockchain ecosystems, exploring protocol versus application revenues, key ecosystem narratives, mechanics driving institutional adoption, and the trends to watch as we head into 2026.

• The European Union's tax-reporting directive, effective Jan. 1, mandates crypto-asset service providers to report detailed user and transaction data to national tax authorities.
• The DAC8 rules aim to close tax reporting gaps in the crypto economy, enhancing visibility similar to that of bank accounts and securities.
• Crypto firms have until July 1 to comply with DAC8's reporting requirements, after which non-compliance may result in penalties.

Disclosure & Polices: CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of Bullish (NYSE:BLSH), an institutionally focused global digital asset platform that provides market infrastructure and information services. Bullish owns and invests in digital asset businesses and digital assets and CoinDesk employees, including journalists, may receive Bullish equity-based compensation.