Main provisions kick in September 1. Four years of fighting between the Finance Ministry (wanted crypto legal) and the Central Bank (wanted it banned) ended with a compromise that looks like legalisation but functions more like bringing crypto inside the state's fence.
So crypto is now legally recognised as property under the Russian civil code. That means judicial protection in courts, bankruptcy cases, and divorce proceedings. The interesting part is that the holders who never declared their crypto still get protection.
Five categories of licensed participants from September 1: exchanges, brokers, management companies, depositories, and exchangers. Minimum capital 15 million rubles (\~$190k), must join a self-regulatory body. All operations must go through licensed intermediaries from July 1, 2027.
Important to highlight that crypto still cannot be used to pay for anything inside Russia. Ruble is still the only lawful domestic currency. Advertising crypto as a payment method stays banned. Retail investors are capped at roughly $3,800 per licensed intermediary per year.
Furthermore, crypto is now explicitly legal for foreign trade settlements between Russian residents and non-residents. Mining rewards and network fees are also permitted.
As for which coins qualify for public exchange trading — market cap above 5 trillion rubles (\~$62 billion) and average daily volume above 1 trillion rubles for the past two years. In practice, that's Bitcoin. Maybe Ethereum. Everything else stays off organised exchanges.
Sources: TASS, CoinDesk, Bitcoin Magazine