Margin trading of cryptocurrency in Russia has received a draft set of rules from the Bank of Russia: the regulator described how brokers will be able to open leveraged positions for clients on crypto assets and digital rights. This format of transactions will be available not only to qualified investors but also to some non-qualified market participants.
The document appeared ahead of the launch of the organized cryptocurrency market in Russia. According to the plan, it should start operating on September 1, 2026. This is an important stage for investors: cryptocurrency is gradually moving out of the gray regulatory zone, and leveraged operations are receiving formal frameworks and risk management requirements.
Key points of the project:
- The Bank of Russia published a draft of the rules for leveraged transactions with cryptocurrencies and digital rights
- Both qualified and non-qualified investors will be able to access such operations
- The organized crypto asset market in Russia is expected to launch on September 1, 2026
How the Bank of Russia Proposes to Control Leveraged Transactions
According to Kommersant, a broker will be able to open a margin position for a client only if a key condition is met: the trading organizer must publish an official risk rate for a specific asset. Without such a rate, a leveraged transaction will not go through.
The project also limits the ability to combine crypto assets and digital rights into a single position. This is not always allowed: assets must be traded within the same technological platform or information system. Otherwise, they cannot be considered a single margin position.
The document introduces two risk coverage standards. The first applies when executing a client’s order, the second—when the value of their portfolio changes. In other words, the broker must constantly monitor to ensure that the investor does not have unsecured positions beyond established limits.
In leveraged transactions, risk management is more important than forecasting: leverage increases not only profit but also loss, so the broker must look at the real value of the portfolio and the adequacy of collateral.
Who Will Be Allowed to Conduct Margin Operations
The project divides clients by risk level. The admission conditions can be summarized in three points:
- Client category: standard or increased risk level.
- Asset requirements: from 3 million rubles with the broker.
- Additional conditions: alternative threshold—600 thousand rubles with a certain trading experience.
This approach shows that the regulator does not want to completely close access to the crypto market for retail participants. Instead of a strict ban, it offers a system of filters: asset size, trading experience, risk parameters, and broker oversight.
This is especially important for non-qualified investors. They will be able to buy the most liquid coins after testing. At the same time, investments in leveraged crypto assets will differ from a regular asset purchase: even if an investor is used to traditional instruments, such as stocks on the stock market, cryptocurrency transactions carry a different level of volatility and require more careful risk assessment.
The Bank of Russia is accepting comments on the project until August 12. The instruction itself will come into force 10 days after official publication.
What Is Cryptocurrency Margin Trading
Cryptocurrency margin trading in simple terms is a transaction where the investor uses not only their own money but also borrowed funds from a broker or platform. The investor’s own funds act as margin: this is collateral that shows what part of the position the investor covers themselves.
Leverage shows how many times the position size exceeds the investor’s own funds. If the investor deposits margin and opens a leveraged trade, they can buy or sell a larger volume of crypto asset than with a regular purchase. When the price rises, profit increases faster, but when the market moves against the position, losses also grow faster.
Example: an investor deposits margin, borrows funds, and opens a long on cryptocurrency. If the price rises, after closing the trade they return the borrowed part, and the difference remains with them. If the price falls, the loss is covered by the margin, and the broker may require additional collateral or close the position.
How Margin Trading Differs From Spot and Futures
Spot trading is the regular purchase or sale of a crypto asset at the current price. The investor buys the coin and owns it without borrowed funds.
Futures trading is based on a contract: participants trade not the asset itself, but the obligation to buy or sell it under specified conditions in the future.
Margin trading occupies an intermediate place: the transaction may be tied to the asset itself, but it is opened using borrowed funds. Therefore, it is closer to a regular purchase in terms of asset logic, but in terms of risk level, it is similar to trading derivatives.
Risks, First Steps, and Key Terms
The main advantage of margin trading is the ability to open a larger position without fully paying for it. This helps use capital more flexibly and earn both on price increases and decreases through long and short positions.
The main disadvantage is the risk of quickly losing the margin. Cryptocurrencies are volatile, and leverage amplifies any price movement: profits grow faster, but so do losses.
To reduce risks, it is worth setting clear rules before trading:
- Use small leverage, especially for the first trades.
- Set a stop-loss in advance to limit losses.
- Take profit through take-profit orders rather than waiting for the perfect price.
- Limit position size and do not keep all capital in one trade.
- Diversify the portfolio and do not open several trades with the same risk.
- Constantly monitor the margin level and broker requirements.
Margin Call and Liquidation
A margin call occurs when collateral becomes insufficient for the open position. In this situation, the broker may require the account to be topped up or the position to be reduced.
Liquidation is the forced closing of a position if the loss reaches a critical level. For example, if the price drops sharply on a long, the margin may be almost depleted, and the position will be closed automatically to prevent a larger debt.
How to Start Margin Trading
- Choose a broker or platform where margin trades are available under the regulator’s rules.
- Pass status verification, testing, and risk assessment.
- Make a deposit and determine the possible loss limit in advance.
- Choose an asset, margin size, leverage, stop-loss, and take-profit.
- Open the first small trade and monitor the margin level.
Key Terms
- Margin: the investor’s own collateral for a leveraged trade.
- Leverage: borrowed funds that increase the position size.
- Liquidation: forced closing of a position when collateral drops critically.
- Margin call: a requirement to add collateral or reduce the position.
- Long: a trade betting on a price increase.
- Short: a trade betting on a price decrease.
- Stop-loss: an order that helps limit losses.
- Take-profit: an order to lock in profits.
How the Approach to Cryptocurrency Regulation Has Changed
The Bank of Russia’s position on cryptocurrencies remains cautious, but over time it has softened. Initially, an option was discussed in which only “super-qualified” investors with assets over 100 million rubles would be allowed to trade.
The Bank of Russia and the Ministry of Finance abandoned this idea at the end of 2025. As a result, all qualified investors will be allowed to operate, and non-qualified participants will be given access to the most liquid coins after passing a test.
Previously, authorities discussed an annual limit for novice investors. A threshold of up to 300 thousand rubles per year through a single intermediary was considered.
The legal framework for the crypto market was formed gradually. The Law “On Digital Financial Assets” was adopted in the summer of 2020. In 2024, mining was legalized. The Bank of Russia prepared a full-fledged regulatory concept only at the end of 2025.
The key foundation was the law “On Digital Currencies and Digital Rights.” It recognizes cryptocurrencies as property and provides for judicial protection of rights. The Bank of Russia, at the same time, receives the role of regulator responsible for the registries of crypto exchanges and digital depositories.
