Russia is about to take a big step in the history of cryptocurrencies, wow. The train there will mix openness for the people with strict control and oversight rules. According to the Russian Parliament (the so-called Duma), by the end of June they should finalize the text of a new regulatory framework. If it passes, it will take effect in July 2027.
In this model, there will be space for both more experienced investors and those who are just starting out, but each with their own conditions. Retail people will be able to buy up to 300,000 rubles per year (about R$ 21,000), and only from the most well-known and easy-to-trade coins.
Qualified investors will have the freedom to deal with any amount, but only after taking some tests to show that they understand the risks involved.
Regarding brokers (exchanges), those who already have a license are fine. However, new ones will have to chase special authorization to operate.
The parliament also discussed banning those currencies that prioritize privacy, like Monero (XMR) and Zcash (ZEC), because they are difficult to trace. The Central Bank of Russia will compile the list of permitted currencies. Lawyer Alexandra Fedotova said they should choose about 5 or 10 of the most traded in the world, including Bitcoin (BTC) and Ethereum (ETH). SOL and TON, which are quite popular there, may also be included. The others will be limited to qualified investors.
This regulatory milestone also brings rules for mining, issuance, and custody, and provides heavy penalties — administrative, financial, and even criminal — for those who do wrong in this market, according to Anatoly Aksakov, chairman of the Financial Markets Committee of the Duma.
For now, it remains prohibited to use cryptocurrency as a form of payment in Russia, showing that they are being cautious about this issue of digital assets.