Russia Allows Cryptocurrency Transfers Without Mandatory Risk Assessment Tests

Transferring cryptocurrency from a personal wallet to a digital depository does not constitute a purchase if the asset owner remains unchanged, the Bank of Russia stated, citing the law on state regulation of crypto operations. The Central Bank published clarifications on the rules governing digital depositories and crypto exchanges.

According to the clarifications, if a Russian resident’s cryptocurrency is transferred from an address not registered with a Russian digital depository, passing the mandatory test for acquiring cryptocurrency is not required.

The status of a qualified investor, granted to an individual before September 1 of this year (i.e., before the law came into force), automatically extends to cryptocurrency operations. This means market participants can execute transactions without restrictions immediately after the launch of organized trading, which has been announced but not yet implemented.

Crypto exchanges are subject to a strict requirement: settlements with clients must be executed simultaneously with the completion of the trade or immediately thereafter. Delaying the execution of an order until the end of the business day is prohibited.

Banks will be able to use quotes from foreign crypto exchanges for the accounting valuation of crypto assets. If a bank does not have access to current trading data, this fact must be taken into account during calculations. This refers specifically to how crypto asset values are presented in financial reports, not to trading or client settlements.

The Central Bank has granted digital depositories the right to independently determine the list of documents confirming that a specific crypto wallet is serviced by a foreign custodian. This applies to operations involving the transfer of cryptocurrency abroad. Depositories are also authorized to conduct cryptocurrency operations without a separate Central Bank regulatory act on digital analysis, provided they comply with the Central Bank’s established requirements for such operations. Banks may also independently determine the form of documents for recording transactions. Crypto exchanges and digital depositories are required to disclose their ownership structure to the Bank of Russia. Reports must list shareholders with stakes exceeding 10%, as well as persons effectively controlling the business.

Previously, the Russian Central Bank clarified that direct cryptocurrency transfers between individuals via P2P transfer platforms will be banned starting July 1, 2027.