Russia is preparing new restrictions for cryptocurrencies issued in Western jurisdictions. The authorities want to reduce investors’ dependence on foreign platforms and direct part of the turnover to licensed Russian exchanges.
The new bill may come into force on July 1, 2026. It introduces different conditions for retail and professional investors, and also restricts access to tokens that can be blocked at the request of foreign authorities.
Retail Will Be Left With Only Three Assets
Under the proposed model, ordinary investors without qualified status will only be able to trade Bitcoin, Ethereum, and USDT. Other assets will be outside the basic list.
Dollar stablecoins like USDC, as well as BNB, may be considered higher risk. The regulators’ logic is simple: if the issuer or a related structure can freeze an address at the request of a foreign authority, such an asset is considered less safe for Russian users.
USDT remained on the list after discussions with the industry. However, it also carries a risk of being blocked: Tether has already frozen funds at the request of law enforcement agencies. According to Deputy Finance Minister Ivan Chebeskov, a complete ban was initially considered, but then it was decided to retain access with additional restrictions.
Fees Should Steer Users Away From Western Tokens
There is no official fee size yet. According to Freedom Global analyst Vladimir Chernov, the commission for ‘unfriendly’ tokens may range from 0.5% to 2%, and for such stablecoins—up to 3%.
Rates that are too high may have the opposite effect. If transactions become expensive, some users will turn to gray schemes and illegal exchanges. Therefore, the authorities will seek a balance between restricting foreign assets and maintaining control over the market.
In addition to fees, other measures are being discussed. These include investor testing, annual transaction limits, a waiting period before withdrawing funds, and restrictions on transferring assets to third-party wallets.
New Rules Will Hit Foreign Exchanges
The main goal of the reform is broader than just a list of permitted coins. The authorities want to move a significant part of crypto turnover from foreign platforms to domestic licensed platforms.
According to Chainalysis, from July 2024 to June 2025, Russia received about $376 billion in crypto transactions. This is the largest figure in Europe. At the same time, according to lawyers, Russian traders pay about $15 billion in commissions to foreign exchanges annually.
This is the flow Moscow wants to bring back under national jurisdiction. If the new rules come into effect, foreign platforms without a license, office, and permission to operate in Russia may face blocks.
Licensing Will Become a Filter for Platforms
From July 1, 2026, Russia also plans to introduce mandatory licensing of crypto exchanges. Platforms that do not obtain permission and do not establish a physical presence in the country may lose access to Russian users.
According to DL News, Roskomnadzor is already preparing DNS filtering tools similar to mechanisms previously used against YouTube. This means the pressure may be not only financial but also technical.
For international companies, the choice will be tough: either operate under Russian rules or lose one of the largest markets by crypto transaction volume. This may be especially sensitive for platforms that have already faced sanctions pressure or have reduced work with Russian clients.
Qualified Investors Will Be Given More Freedom
The new regime will divide users by access level. Retail investors will face strict restrictions: an annual limit of about 300,000 rubles, testing, and access only to a short list of assets.
Professional and institutional participants will be able to work with a wider range of instruments. This approach is similar to a model where the state restricts mass access to risky assets but leaves room for large players.
First Deputy Chairman of the Central Bank Vladimir Chistyukhin previously said that there are no plans to expand the retail list in the near future. According to the regulator’s logic, priority will be given to ruble stablecoins, not foreign digital dollars.
Sanctions Accelerated the Shift to the Domestic Market
The new rules are emerging against the backdrop of increased Western pressure. In May, the UK imposed sanctions against 18 entities, including HTX, citing support for Russia’s ‘shadow financial systems.’
Earlier, the US sanctioned the Grinex exchange, which is linked to the ruble stablecoin A7A5. In April, the platform suspended operations after a cyberattack that caused damages estimated at 1 billion rubles.
This environment strengthens Moscow’s desire to build its own infrastructure. If foreign exchanges, issuers, and payment services can block assets, the authorities will promote domestic platforms and ruble settlement instruments.
Main Interest Is in Cross-Border Flows
The domestic crypto investment market in Russia still appears small. According to the Central Bank’s financial stability report, retail investments in crypto assets amount to about 3.8 billion rubles, or roughly $44 million. The figure has hardly changed in six months.
This sharply contrasts with estimates of cross-border crypto operations in the hundreds of billions of dollars. In other words, Russia’s significance for the crypto market is not so much about private investors’ portfolios as it is about the volume of transfers, settlements, and capital movement through digital assets.
It is these turnovers that are becoming the main object of regulation. The state wants not just to restrict certain tokens but to redirect payment and trading flows into a controlled infrastructure.
What Comes Next?
If the law is adopted in June, the new rules will take effect on July 1, 2026. Retail investors will have access to a limited list of assets, and transactions with ‘unfriendly’ tokens may become more expensive and complicated.
A period of choice is coming for foreign exchanges. To retain Russian users, they will have to obtain a license and operate under local requirements. Without this, the risk of being blocked will become real.
The main conclusion is simple. Russia is trying to move the crypto market from a gray cross-border zone to a controlled national infrastructure. For users, this means less freedom of choice; for foreign platforms, the risk of losing a large turnover; and for domestic players, a chance to capture part of the market.
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