Purchase of Cryptocurrency Through Intermediaries Will Be Available to Unqualified Investors

The purchase of cryptocurrency through intermediaries in Russia will be allowed for unqualified investors after testing and within an annual limit. The Bank of Russia explained how the new order for the circulation of digital currency should work from September 1, if the law passes all remaining procedures.

The new rules introduce a clearer model for accessing digital assets. This is not about freely purchasing any coins without conditions, but rather about working through regulated market participants and considering the investor's status.

How Rules Will Change for Private Investors

Unqualified investors will be able to acquire the most liquid digital currencies only after passing a test. A limit will be set for them: no more than 300,000 rubles per year through one intermediary.

Qualified investors will also need to take the test, but after that, they will have access to any digital currencies without a limit on the amount. This approach is intended to differentiate the opportunities of retail participants and more experienced investors who are willing to take on increased risks.

In practice, this may concern the most well-known assets, including Bitcoin and Ethereum, if they meet the liquidity and circulation criteria within the new infrastructure. Cryptocurrency remains a special type of digital asset, not a regular means of payment for transactions within the country.

Who Will Be Able to Conduct Transactions with Digital Currency

A regulated infrastructure is being created for the circulation of cryptocurrencies. It will include existing financial organizations as well as new market participants: crypto exchanges and digital depositories.

Crypto exchanges will be used for buying and selling digital currency. Digital depositories will have the function of accounting for rights to such assets. Additionally, transactions with cryptocurrency can be conducted through brokers and managers, including on organized exchanges.

The online service for exchanging digital currencies in the new model will have to operate according to established rules, rather than as a completely informal platform. Client verification, transaction accounting, and limit control will become important parts of such a process.

In addition to buying and selling, investors will be able to exchange cryptocurrency for securities and digital instruments issued under Russian legislation. This includes digital rights. The same requirements will apply to foreign stablecoins, including Tether, as for digital currencies.

Payments Within the Country Will Remain Prohibited

Using cryptocurrency as a means of payment for goods and services in Russia will still be prohibited. The Central Bank maintains its previous approach: digital currency can circulate as an investment and settlement tool in permitted cases, but it does not replace the ruble in domestic payments.

Therefore, bank cards, payment systems, and bank transactions in regular ruble settlements remain part of the familiar financial infrastructure. Cryptocurrency should not become a parallel means of payment within the country.

Cross-Border Settlements Will Have More Freedom

For exporters and importers, the rules will be softer. They will be able to use digital currency in cross-border settlements without restrictions. Such operations will be available both through intermediaries and directly, for different types of wallets and cryptocurrencies.

Residents will be able to conduct operations with cryptocurrency abroad, but only through foreign bank accounts. It will also be allowed to transfer purchased digital currency from Russia abroad through regulated intermediaries.

If cryptocurrency is accounted for outside the country, it will be necessary to notify tax authorities about its existence. This rule is important for operations with foreign wallets, including when transactions occur outside the Russian infrastructure.

A distinction is maintained between regulated platforms and direct exchange formats. A peer-to-peer network does not replace the requirements of the law: when using digital currency, participants will have to consider restrictions, identification procedures, and reporting rules. Even if communication between the parties to the transaction takes place via Telegram, the legal regime of the operation does not change.

P2P Transactions: Legality, Risks, and Checks

P2P trading means a direct transaction between a buyer and a seller, while a crypto exchange acts as a service for buying and selling digital currency. The new order emphasizes regulated intermediaries, client identification, transaction accounting, and limits. Therefore, direct exchange does not become a completely free zone: it is important for participants to comply with identification requirements, tax reporting, and payment restrictions within Russia.

The main risks of P2P include fraud, payment disputes, loss of funds, transfers from dubious senders, and blocking of bank cards or accounts. A bank may stop a transaction if payments appear unusual, come from a large number of unfamiliar individuals, or resemble transit transfers. Reducing risk can be aided by checking the reputation of the counterparty and the platform, avoiding transactions with third parties, storing payment confirmations, and working only with clear transaction terms.

Administrative or criminal consequences may arise not from the P2P mechanics themselves, but from violations of currency, tax, anti-money laundering requirements, evasion of identification, use of cryptocurrency for payments for goods and services within the country, or participation in fraudulent schemes. Income from transactions with digital currency requires tax assessment and declaration if the investor has a taxable result.

Anonymous purchases and transactions without KYC in this model are becoming increasingly risky. Regulated participants will conduct verification, and attempts to bypass checks increase the likelihood of transaction refusal, account blocking, and claims from banks or regulatory authorities. The less transparency a platform has, the higher the risk of encountering fraudsters or losing access to funds.

How to Choose a Method for Buying Cryptocurrency

In addition to P2P, one can use crypto exchanges, exchanges, OTC transactions for large amounts, and purchases through regulated intermediaries—brokers, managers, or organized trading, if such a format is available under the new rules. P2P provides direct contact with the seller but requires careful verification of the counterparty. A crypto exchange is simpler in mechanics, but its reputation, clear fees, verification rules, and operational history are important.

A reliable platform should be chosen based on transparent conditions, client verification, a clear dispute resolution process, reviews, duration of operation, and absence of promises of guaranteed profit. Warning signs include pressure on speed, requests to make payments to third parties, refusal to document transaction terms, overly favorable rates, and attempts to move communication outside the service.

The starting amount depends on the chosen method, fees, intermediary limits, and the investor's willingness to take risks. For unqualified investors in the new model, an important guideline will be the annual limit of 300,000 rubles through one intermediary, but it is wiser to start with a small amount, the loss of which will not affect personal finances.

Transition Period for the Market

A transition period until July 1, 2027, is provided for market participants. During this time, companies must obtain the necessary licenses and align their operations with the new requirements.

The legal foundation for digital financial assets is already established by Federal Law No. 259-FZ dated July 31, 2020. It regulates the issuance, accounting, and circulation of digital financial assets, digital currency, and certain digital rights.

According to this law, digital financial assets include digital rights, which may encompass monetary claims, rights related to issued securities, participation in the capital of a non-public joint-stock company, and the right to demand the transfer of issued securities.

This content is provided for general informational purposes only and doesn't constitute financial, investment, legal, or tax advice. Any events, rewards, online promotions, or related information mentioned herein should not be considered a recommendation, solicitation, or invitation to purchase, sell, trade, or otherwise deal in any crypto assets. Crypto assets are highly volatile and may result in loss. The availability of WEEX services, products, and related events may vary by region. You are responsible for ensuring that your participation is in accordance with applicable local laws and regulations.