Russia prepares crypto investor tests as brokers get first access

Russia has developed a common testing standard for cryptocurrency investors, with brokerage firms expected to become the first regulated intermediaries to assess customers before allowing them to buy and sell digital assets.

Summary

• Russia has developed a common testing framework for cryptocurrency investors, with brokerage firms expected to begin assessing customers by the end of November.
• Investors who pass the required assessment through one licensed intermediary will be able to use their results across other regulated cryptocurrency platforms without repeating the test.
• Russia’s central bank plans different testing requirements for qualified and nonqualified investors, with retail participants limited to a selection of highly liquid cryptocurrencies.
• NAUFOR is developing a separate testing framework for digital financial asset investors, while the existing annual purchase limit of 600,000 rubles remains in place for certain retail investments.

According to Russian news outlet RBC, National Association of Securities Market Participants (NAUFOR) First Vice President Ekaterina Andreeva announced the development at Crypto Summit 2026, confirming that brokers could begin administering the tests by the end of November.

The proposed system will allow investors to use their test results across regulated cryptocurrency platforms without having to repeat the assessment each time they move to another licensed service.

Andreeva said the draft standards were submitted last week to a committee responsible for reviewing basic standards at the Bank of Russia. Once published, the framework is expected to establish common questions and procedures for brokers, cryptocurrency exchanges and other licensed intermediaries.

Russia’s crypto testing standard moves closer to implementation

The testing framework forms part of Russia’s new cryptocurrency regulations, which began taking effect on September 1 under Federal Law No. 282-FZ, titled “On Digital Currencies and Digital Rights.”

As previously reported by crypto.news, the legislation established a regulated market for cryptocurrency trading and custody, allowing both qualified and nonqualified investors to access digital assets through authorized intermediaries.

The law recognizes several categories of service providers, including cryptocurrency exchanges, brokers, exchange operators, asset management companies and digital depositories.

Investors must complete identity verification before using regulated services, while purchasing or trading cryptocurrencies requires passing a knowledge assessment.

Under the new structure, digital depositories handle cryptocurrency custody, while other licensed intermediaries provide trading, exchange and investment services.

According to Andreeva, brokerage companies are expected to receive the ability to test their customers by late November, making them the first group to implement the proposed standard.

She explained that the industry expects a common testing system, meaning investors who successfully complete an assessment through one intermediary will have their results recognized by other regulated platforms.

Once the standards are published, cryptocurrency exchanges, exchange operators and digital depositories will be able to review the questions and testing procedures.

NAUFOR expects the assessment process and question database to remain consistent across these services.

How will Russia test qualified and retail crypto investors?

Russia’s testing requirements will apply to both qualified and nonqualified investors, although the Bank of Russia plans to assess the two groups differently.

Bank of Russia Deputy Governor Mikhail Mamuta previously explained that nonqualified investors would face a basic examination covering cryptocurrency risks and the characteristics of assets available to ordinary retail customers.

Their investment options will follow a whitelist approach, limiting purchases to a selection of highly liquid cryptocurrencies approved for regulated trading.

In August, the central bank proposed allowing Bitcoin, Ether and Tether’s USDT to trade through licensed exchanges, although the regulator retained authority over which assets could qualify.

Nonqualified investors are permitted to purchase up to 300,000 rubles worth of eligible cryptocurrencies annually through each intermediary after passing the required assessment.

Qualified investors face no equivalent purchase limit and can access a larger selection of digital assets, although they must still demonstrate an understanding of cryptocurrency risks.

Mamuta said their examination should therefore focus on more complex investment risks and the characteristics of high-risk assets.

The distinction follows changes to Russia’s investor classification system. In August, the Bank of Russia introduced a new qualification route allowing individuals to obtain qualified investor status through an approved financial knowledge examination.

That qualification assessment is separate from the cryptocurrency knowledge test required before trading digital assets.

Separate testing rules are being developed for digital financial assets

NAUFOR is preparing a separate assessment framework for investors purchasing digital financial assets, commonly known in Russia as CFAs.

Andreeva said discussions are continuing over the examination’s structure, the number of questions and how the assessment will be conducted.

Russia already applies different investment restrictions to qualified and nonqualified investors in its digital financial asset market.

While qualified investors can access a large selection of these instruments, retail participants are generally limited to products with high credit quality and no variable returns.

Nonqualified investors can purchase certain digital financial assets offering variable returns, but their investments are subject to an annual limit of 600,000 rubles and other restrictions.

In June 2025, the Bank of Russia proposed raising the annual limit for nonqualified investors from 600,000 rubles to 1 million rubles.

However, the regulator ultimately decided against the proposal and retained the existing threshold.