Russia Plans to Establish Comprehensive Cryptocurrency Regulatory Framework, Illegal Operations May Face Criminal Liability

TechFlow reported on September 23 that Ivan Chebeskov, Russia's Deputy Minister of Finance, stated that Russia will push to establish a transparent and legal cryptocurrency market. The country has approximately 20 million cryptocurrency users, with residents' related investment totals reaching roughly 3.7 trillion rubles and an average daily trading volume of around 50 billion rubles.

The minimum capital requirement for non-bank cryptocurrency exchange operators has been lowered to 15 million rubles; starting July 1, 2027, organizing cryptocurrency circulation without authorization may face criminal liability, but individuals handling their own cryptocurrencies are excluded from this provision. Russia will also require tax residents to declare cryptocurrency transactions outside the regulatory framework, and will examine the feasibility of issuing domestic stablecoins.