Russia's Dec. 24, 2025 crypto draft allows testing, sets 300,000-ruble cap

On December 24, 2025, the Central Bank of Russia published a draft framework for cryptocurrency investing that distinguishes between qualified and unqualified participants. It introduces testing, permits unqualified investors to buy up to 300,000 rubles annually, and leaves qualified investors largely unrestricted except for anonymous currencies. The plan envisions routing crypto transactions through licensed institutions by July 2026, with further legislative steps expected through 2027.