What can lead a country from "a complete ban" to "cryptocurrency listed on the stock exchange"?
In 2021, the Governor of the Central Bank of Russia, Nabiullina, stood in front of the camera and stated unequivocally: Our attitude towards cryptocurrency, to put it bluntly, is one of complete denial.
In December 2025, the same Russia, the same national financial institution.
The largest exchanges in Moscow and St. Petersburg publicly announced: the technology is ready, just waiting for the regulations to take effect on July 1, 2026.
From then on, both retail and institutional investors can trade cryptocurrencies on the stock exchange. Moreover, this is a positive acceptance by the stock exchange, not a compromise in a gray area.
In four years, Russia has moved from "a complete ban" to "how to manage."
01. What happened?
In March 2025, Russia launched an "experimental legal framework" allowing the use of cryptocurrency in cross-border payments.
In December 2025, the central bank released a comprehensive regulatory framework, defining cryptocurrency as "monetary assets."
Today, in December 2025, the two largest domestic stock exchanges announced that the technology is ready to support this framework.
On July 1, 2026, the regulations will officially take effect, initiating cryptocurrency trading.
The regulatory rules have also been clarified.
Qualified investors can trade without limits, including financial institutions, high-net-worth individuals, and professional investors.
Ordinary retail investors have an annual trading limit of 300,000 rubles (approximately $3,200). This limit is not high, but being able to trade legitimately is already a good thing.
All transactions must be conducted through licensed exchanges, and all participants need to undergo KYC certification and anti-money laundering checks.
From an institutional design perspective, this is a form of openness under strong control.
02. Why now?
First, sanctions have forced diversification of financial instruments.
In February 2022, Russia was kicked out of SWIFT, dollar assets were frozen, and cross-border payments narrowed.
Cryptocurrency has become a limited but real liquidity supplement, not a speculative tool, but a controllable escape window.
Second, the mining industry has become a reality.
Russia is the second-largest Bitcoin mining country in the world, second only to the United States. The cheap electricity, cold climate in Siberia, and idle energy capacity after sanctions have made mining a tangible industry.
In 2024, Russia legalized Bitcoin mining and incorporated it into the tax system.
Since the mined coins already exist, how to trade, how to price, and how to tax them have become necessary questions to answer. Rather than letting these assets circulate in foreign exchanges, it is better to establish a domestic market to at least control the data and tax base.
Third, the continuation of the de-dollarization narrative.
Russia has been promoting "de-dollarization" in recent years, increasing the proportion of the yuan, gold, and rubles in reserves and trade.
Cryptocurrency has been included in this narrative. It is not a substitute for the dollar, but a component of a non-dollar system.
Putting cryptocurrency trading on a national-level exchange means that the Russian government believes this tool has matured enough to be incorporated into the formal financial system, at least within a controllable range.
This reveals a shift in regulatory logic, rather than a simplified narrative of "Russia supports cryptocurrency."
03. From "ban" to "taming"
Russia's approach is not to embrace the free market, but to use state power to incorporate cryptocurrency assets into a controllable framework.
Trading is limited to licensed exchanges, participants are real-name verified, retail investors have limits, and funds are fully traceable.
This is a form of "institutional incorporation." Cryptocurrency is no longer an "anti-establishment tool," but a financial instrument absorbed by the system.
04. Regulatory differentiation is accelerating
Globally, countries' attitudes towards cryptocurrency assets are becoming differentiated.
The U.S. is promoting ETFs and compliance, trying to tame cryptocurrency with capital market rules. The EU is pushing MiCA, emphasizing consumer protection and financial stability.
China maintains a complete ban, at least at the mainland level. Russia has chosen a "state-led marketization," neither fully banning nor allowing free trading.
The differentiation itself is quite interesting. Cryptocurrency is no longer a binary issue of "either full acceptance or full prohibition," but a technical question of "how to manage."
The state will not withdraw; it will only become more refined.
The Russian case shows that a state can accept cryptocurrency assets without relinquishing control.
Regulation is not "either/or," but "in what way."
As more countries realize that "banning" is neither feasible nor economical, they will turn to more refined controls, such as entry thresholds, trading limits, tax tracking, and fund monitoring.
The "decentralization" concept of cryptocurrency is facing a direct response from state governance capabilities.
05. Some calm observations
The market is bleak, and many friends may not have noticed this news.
The Russian market is limited in scale, especially under the backdrop of sanctions. Retail investors are strictly limited, and qualified investors are the main participants.
At the same time, "legalization" does not equal "liberalization." Russia accepts cryptocurrency, but the approach is one of strong control.
This increases legitimacy for cryptocurrency, but also means more regulation, real-name verification, taxation, and restrictions.
If you believe that the value of cryptocurrency lies in "anti-censorship" and "financial freedom," then Russia's model is precisely in the opposite direction.
However, institutionalization is a long-term trend. Whether you like it or not, cryptocurrency assets are being incorporated into the existing financial system.
ETFs, custody, exchange licenses, tax rules, KYC/AML requirements—these are all manifestations of "institutionalization."
The Russian case is just another example of this trend.
06. In conclusion
The acceptance of cryptocurrency by the Russian stock exchange is a moment worth recording.
It is a case of how a country responds to new technology, neither completely rejecting nor relinquishing control, but using institutional power to incorporate it into a manageable framework.
This process will play out in more countries, albeit in different forms and degrees.
Disclaimer: This article represents only the personal views of the author and does not represent the position and views of this platform. This article is for information sharing only and does not constitute any investment advice to anyone. Any disputes between users and authors are unrelated to this platform. If the articles or images on the webpage involve infringement, please provide relevant proof of rights and identity documents and send an email to support@aicoin.com. The relevant staff of this platform will conduct an investigation.