Russia’s long-awaited crypto law goes live on September 1, 2026, bringing a hard cap on retail purchases and a clear licensing timeline for exchanges. The law, adopted on July 21, sets a ₽300,000 annual purchase limit per intermediary for non-qualified investors — roughly $3,800–$3,900 at current rates. Market participants have until July 1, 2027 to get licensed, giving existing exchanges about a year to register before full obligations kick in.
What the law does
Non-qualified investors can’t buy more than ₽300,000 worth of crypto through any single intermediary in a year. That’s a firm ceiling, not a soft guideline. The law also lays out a transition period: exchanges and other market players have until July 1, 2027 to obtain the necessary licenses. After that, operating without one becomes illegal. The framework is designed to bring crypto activity under Russia’s financial regulatory umbrella without banning it outright.
Sberbank’s play
State-owned Sberbank isn’t waiting around. It plans to launch a crypto wallet and digital depository by December 1, 2026, integrated directly into its Sber and SberInvestments apps. The platform will feature strict KYC, a curated list of approved assets, and bank-grade custody. It’s starting with spot trading and custody only — no leverage, no derivatives. The digital depository will use segregated ledgers with clear key control and withdrawal procedures, a structure that looks more like a traditional securities depository than a typical crypto exchange.
Existing exchanges have roughly one year to register before full obligations apply. The retail cap is low enough to limit mass speculation but high enough to let ordinary Russians hold a modest position. Sberbank’s entry is the biggest signal yet that the law is meant to be workable, not punitive. If the state’s largest bank is building a compliant platform, smaller players will have a template to follow — and a competitor to worry about.
The next concrete milestone is Sberbank’s December 1 launch. After that, the July 2027 licensing deadline will force every exchange in Russia to either get compliant or get out.
