Name
Global FinTech Guide
Country _ Name
Russia
SectionTitle
DLT and cryptocurrencies
Body
FinTechs belonging to this category offer financial services using crypto currencies. This category also includes FinTechs utilising blockchain and distributed ledger technologies (DLT) upon which Bitcoin and Ethereum are based, among others. FinTechs develop and do research in this field in order to create new services – e.g. crypto currency exchange markets, wallet providers, NFTs-related services, new payment services, "smart contracts" or new clearing and settling services.

Introduction

Attitude of the country towards financial services using crypto currencies

In Russia, in 2021, Federal Law No. 259-FZ dated July 31, 2020 "On Digital Financial Assets, Digital Currency and on Amendments to Certain Legislative Acts of the Russian Federation" regulating relations related to the use of digital financial assets and the circulation of digital currency came into force. In accordance with the provisions of this law, digital currency also includes cryptocurrency. This law regulates relations arising during the circulation of digital currency in the Russian Federation. Thus, from 2021 in Russia, legal relations arising in connection with the provision of financial services using cryptocurrencies have been legally regulated.

Also in Russia, products based on blockchain technologies continue to develop. Most often, blockchain technologies are used to create products in the field of data processing, the use of computer technology, computer software development, legal activities, consulting in the field of computer technology and other areas.

In December 2016, the Bank of Russia, together with the major financial market participants, established the Association for Financial Technologies Development (FinTech Association), one of the main activities of which is the implementation of projects based on distributed ledgers (DLT). Its goals are to create conditions for the development of innovative financial services in the Russian financial market. Currently, within the framework of the FinTech Association, work is underway to develop the MasterChain platform, a unified platform for the exchange and storage of financial information based on distributed ledger technology. Financial market participants will be able to create and bring innovative financial services to the market on its basis. The association unites more than 47 participants, who are representatives of the Russian financial and IT sectors. The association's portfolio includes more than 20 active projects. The association's repository contains more than 1,000 IT solutions.


Legal affairs

Obligations and requirements to provide financial services using crypto currencies described above

In Russia, relations related to the provision of financial services using cryptocurrencies are regulated by the Federal Law No. 259-FZ dated July 31, 2020 "On Digital Financial Assets, Digital Currency and on Amendments to Certain Legislative Acts of the Russian Federation".

In accordance with the provisions of the above law, legal entities whose personal law is Russian law, branches, representative offices and other separate divisions of international organizations and foreign legal entities, companies and other corporate entities with civil legal capacity created on the territory of the Russian Federation, individuals, actually staying in the Russian Federation for at least 183 days within 12 consecutive months, are not entitled to accept digital currency as consideration for goods transferred by them, work performed by them, services provided by them or in any other way, allowing to assume payment with digital currency for goods (works, services). In addition, the Russian Federation prohibits the dissemination of information about the offer and (or) acceptance of digital currency as consideration for goods transferred by them, work performed by them, services provided by them, or any other method that allows for payment in digital currency for goods (works, services), with the exception of receiving digital currency as a result of issuing digital currency and (or) receiving by a person mining digital currency (including a participant in a mining pool), a person organizing the activities of a mining pool, remuneration in digital currency for confirmation of entries in the information system (including as a result of distributing digital currency among participants in a mining pool).

In March 2025, the Bank of Russia put forward a proposal to establish an experimental legal regime (ELR) for a period of 3 years. Within the framework of this regime, it is proposed to allow a limited circle of Russian investors to buy and sell cryptocurrencies. Only "especially qualified" investors will be able to make transactions with cryptocurrencies within the ELR. This is a new status that citizens are supposed to be able to obtain if their investments in securities and deposits exceed 100 million rubles or if their income for the past year amounted to more than 50 million rubles. It is also proposed that companies that are qualified investors under current legislation become participants in the experiment. For financial institutions that want to invest in cryptocurrency, the Bank of Russia will establish regulatory requirements taking into account the level and nature of the risks of such an asset. At the same time, the Bank of Russia still does not consider cryptocurrency as a means of payment, therefore it proposes to simultaneously introduce a ban on settlements between residents on transactions with cryptocurrency outside the ELR, as well as establish liability for violating the ban. Outside the ELR regime, it is planned to allow all qualified investors to invest in settlement derivative financial instruments, securities and digital financial assets that do not provide for the delivery of cryptocurrency to investors, but the profitability of which is tied to its value.

Additional comments regarding the legal situation for financial services using crypto currencies or what FinTech’s must be aware of in this business area

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Economic conditions

Market size for financial services using crypto currencies and biggest companies in this business area
Today, the financial services market using cryptocurrencies (in Russia, this is often called "digital financial assets", DFA) is developing quite actively.

According to the Bank of Russia, in 2024, the volume of digital assets placed through information system operators (ISOs) exceeded 604 billion rubles, more than nine times exceeding the figure for the previous year. The total volume of current DFA issues at the beginning of 2025 exceeded 274 billion rubles, which is almost five times more than a year earlier. The number of registered ISO users at the end of last year amounted to almost 279 thousand individuals and 638 legal entities. At the same time, more than 108 thousand individuals and 139 legal entities owned digital assets.

Currently, 15 ISOs operate on the market, and four financial institutions have been included in the register over the past four months. Among the most active were the platforms of Alfa-Bank, Atomize, Sberbank, and Tokeon (part of the PSB group). At the beginning of 2025, the performance of NSD (part of the Moscow Exchange group) and SPB Exchange increased.

Additional comments regarding the economic situation for financial services using crypto currencies or what FinTech’s must be aware of in this business area

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