Author: Yan Krivonosov
The cryptocurrency market in Russia is on the brink of tectonic changes. The government commission approved a bill introducing administrative responsibility for crypto exchanges. Fines — up to 1 million rubles for legal entities, and for illegal ones — criminal charges. What is really behind these amendments?
1. What do we have now
According to Federal Law No. 259-FZ "On Digital Financial Assets," digital currency is not a monetary unit of the Russian Federation or a foreign state. At the same time, the Ministry of Finance clarified: digital currency is recognized as property. The Constitutional Court of the Russian Federation confirmed by Resolution No. 2-P dated January 20, 2026, that stablecoins (including USDT) are objects of civil rights ("other property"), subject to judicial protection.
Formally, it is possible to own, buy, and sell cryptocurrency. It is your property, like a car or an apartment.
Payment ban: It is not allowed to use this "property" for payments within Russia. Fines are specified in the Administrative Offenses Code: for individuals — up to 200,000 rubles with confiscation, for legal entities — up to 1 million rubles. The ruble is the only legal monetary unit.
2. New bill on exchange offices
The government commission approved changes to the Administrative Offenses Code (Article 15.29¹), which target "gray" cryptocurrency exchanges.
Who will be able to work legally?
The Central Bank and the Ministry of Finance allow only licensed players to enter the crypto market: banks and brokers with a turnover of more than 3.5 million rubles per month.
Restrictions for citizens
Unqualified investors will be able to buy cryptocurrency for no more than 300,000 rubles per year. Exchanges that conduct transactions above the limit will face fines: legal entities — from 700,000 to 1 million rubles, directors — disqualification for 1–2 years.
Criminal liability
A separate article of the Criminal Code is introduced for illegal circulation (mining or exchange without registration). The punishment can be up to imprisonment.
3. Problems of new regulation
3.1. Limit of 300,000 rubles and the real sector
Sanctions are not lifted. SWIFT operates intermittently, and payments through Russian banks to many countries are impossible. For businesses and ordinary people, cryptocurrency often remains the only working tool for settlements with foreign counterparties.
If a person needs to transfer $50,000 for a container of equipment or pay for education abroad, the limit of 300,000 rubles (about $3,700) does not meet this need. People will go to illegal exchanges, which will increase costs and criminalize the process.
3.2. Unified database
A person bought cryptocurrency for 200,000 in one exchange, then for 200,000 in another. How will the second exchange know that the limit has been exhausted? Without a unified database (registry of transactions), the exchange automatically becomes an offender. Who will maintain the database? The Central Bank? The tax service? This is not specified in the bill.
3.3. The problem of stablecoins and transfer networks
According to Russian legislation, USDT is considered "other property." But for the purposes of banking regulation, the Central Bank proposes to consider stablecoins as currency value ("digital dollar"). Confusion is inevitable.
Cryptocurrency is transferred in different networks: TRC-20, ERC-20, BEP-20, and hundreds of others. If one network is banned, everyone will switch to another.
3.4. Risk of asset blocking
Issuers of stablecoins (Tether, Circle) are registered in jurisdictions friendly to the USA. If the entire infrastructure becomes "white" and transparent, the addresses of Russian exchanges will become known. The freezing of USDT for sanctioned individuals is already a reality.
4. What awaits us: scenarios
Scenario 1. Strict centralization
By July 1, 2027, a registry of legal exchanges will be created — only banks. A limit of 300,000 rubles through a unified database. The gray market is pushed out but does not disappear, moving to Telegram.
Pros: transparency, taxes. Cons: inability to make large payments without "gray" schemes.
Scenario 2. Going underground
A high entry threshold leaves 20–30 large players in the market. 400+ services move to the black market. The cost of exchange increases.
Scenario 3. Review of limits (unlikely)
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