The Bank of Russia has introduced a new regulatory framework aimed at overseeing cryptocurrency investments. This framework proposes tiered access for retail investors, enabling them to acquire digital assets alongside professional market participants while maintaining stringent controls over associated risks and usage.
In a concept paper released recently and submitted to the government for further examination, the central bank indicated that both qualified and non-qualified investors would be authorized to purchase cryptocurrency assets, albeit under distinct rules, limits, and assessment criteria.
This initiative represents a significant movement in Russia’s gradual adaptation to digital assets, particularly in light of altered financial flows and market infrastructures due to sanctions.
Earlier this year, the Bank of Russia permitted domestic banks to engage in limited cryptocurrency activities under strict supervision. First Deputy Chairman Vladimir Chistyukhin mentioned that while the central bank continues to adopt a cautious approach toward assets such as Bitcoin, it no longer perceives a rationale for entirely excluding banks from participating in these transactions.
Recent reports suggest that Russia has been utilizing Bitcoin to facilitate certain oil transactions with China and India, employing intermediaries to navigate Western sanctions.
This context underscores that the current proposal retains the Bank of Russia’s established prudence concerning cryptocurrencies, which continue to be characterized as high-risk assets.
Access for these investors would be contingent upon successfully passing a knowledge assessment, with purchases capped at 300,000 rubles (approximately $3,800) annually through a single intermediary.
Conversely, qualified investors would encounter fewer constraints, gaining the ability to acquire any cryptocurrency without transaction limits, provided they pass a test affirming their comprehension of the associated risks. It should be noted, however, that anonymous cryptocurrencies—defined as tokens with obscured transaction recipient information—would remain prohibited.
The framework also formally recognizes digital currencies and stablecoins as monetary assets, allowing for their buying and selling.
However, their use as a medium of domestic payment within Russia would continue to be prohibited, reinforcing the central bank’s strong stance against allowing cryptocurrencies to function as alternatives to the ruble in routine transactions.
Cryptocurrency trading is to occur through existing licensed infrastructures. Exchanges, brokers, and trustees may provide crypto services within their current authorizations, albeit with added requirements for specialized crypto depositories and exchanges.
Furthermore, Russian residents would be permitted to purchase cryptocurrencies abroad using foreign accounts and to transfer previously acquired crypto overseas through Russian intermediaries, with the stipulation of notifying tax authorities about such transactions.
This proposal extends beyond cryptocurrencies to encompass digital financial assets (DFAs) and other digital rights recognized in Russia, including utilitarian and hybrid instruments. Their circulation on open networks would be authorized, thereby enabling issuers to attract foreign investment while granting investors access to DFAs under conditions similar to those applicable to crypto assets.
The Bank of Russia aims to finalize the legislative framework by July 1, 2026, and plans to impose liability for illicit activities conducted by cryptocurrency intermediaries from July 1, 2027, aligning such penalties with those applicable to illegal banking operations.
At the time of this report, Bitcoin is trading at $87,555, with a 24-hour trading volume of $47 billion, reflecting a 3% decrease over the preceding day. The price has fluctuated about 3% below its seven-day high of $90,069 and approximately 1% above its seven-day low of $87,096. Bitcoin’s circulating supply stands at 19,965,971 coins out of a maximum of 21 million, resulting in a global market capitalization of approximately $1.75 trillion, also down 3% from 24 hours earlier.
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