The law establishes a regulatory framework for the cryptocurrency market, setting rules for exchanges, custodians, and investors. It maintains a ban on using crypto for domestic payments but permits its use for cross-border settlements in foreign trade contracts. Retail investors are allowed to buy the most liquid cryptocurrencies, capped at 300,000 rubles ($3,700) annually per intermediary, while qualified investors face no limits. Both categories must pass a "special suitability testing." Crypto exchanges are required to join a "special registry" with a minimum equity of 15 million rubles ($185,200) and join a financial market self-regulatory organization. The legislation is set to take effect on September 1, 2026, with some provisions on issuance and circulation effective September 1, 2027, and a grace period for existing exchanges until March 1, 2027.