The Bank of Russia has unveiled a new regulatory framework for cryptocurrencies, introducing tiered access that allows everyday investors to purchase digital assets alongside professional market actors while ensuring strict oversight on risk and usage.
In a concept paper released on Tuesday and submitted for governmental review, the central bank stated that both qualified and non-qualified investors would be allowed to acquire crypto assets, albeit under varying rules, limits, and testing requirements.
This initiative represents yet another step in Russia’s gradual adaptation to digital assets as sanctions alter financial flows and market structures.
Earlier this year, the Bank of Russia permitted domestic banks to engage in limited crypto operations under stringent oversight. First Deputy Chairman Vladimir Chistyukhin mentioned that while the central bank retains a conservative approach towards assets like bitcoin, it no longer sees grounds for completely excluding banks from such activities.
Moreover, it has been reported that Russia is utilizing bitcoin to settle certain oil transactions with China and India, employing intermediaries to circumvent Western sanctions.
Consequently, the current proposal reflects the central bank’s long-standing caution regarding cryptocurrencies, which it continues to categorize as high-risk instruments.
The Bank of Russia cautioned that crypto assets are not issued or guaranteed by any jurisdiction, are susceptible to significant price fluctuations, and carry heightened sanctions and operational risks. Investors must acknowledge the potential for total loss of their funds.
A $3,800 cap for Russia’s retail investors
Under the proposed framework, non-qualified or retail investors would only be allowed to purchase the most liquid cryptocurrencies, based on criteria that will be established in the legislation.
Access would be contingent on passing a knowledge assessment, with annual purchases capped at 300,000 rubles (approximately $3,800) via a single intermediary.
Qualified investors would encounter fewer restrictions, being allowed to purchase any cryptocurrency without transaction caps, provided they pass a test that confirms their understanding of the associated risks. Nevertheless, anonymous cryptocurrencies—defined as tokens whose smart contracts obscure transaction recipient information—would remain prohibited.
Digital currencies and stablecoins would be officially recognized as monetary assets under the proposal, allowing for their buying and selling.
However, their use for domestic payments within Russia would still be prohibited, maintaining the central bank’s stance that crypto should not act as an alternative to the ruble in everyday transactions.
Cryptocurrency trading would occur through existing licensed frameworks. Exchanges, brokers, and trustees would be permitted to offer crypto services under their current authorizations, although additional requirements would apply to specialized crypto depositories and exchangers.
The framework also allows Russian residents to purchase cryptocurrencies abroad using foreign accounts and to transfer previously acquired crypto to overseas locations via Russian intermediaries, with such transactions requiring notification to tax authorities.
Beyond cryptocurrencies, the proposal encompasses digital financial assets (DFAs) and various other Russian digital rights, including utilitarian and hybrid instruments. Their circulation on open networks would be permitted, aimed at helping issuers attract foreign investment and providing investors access to DFAs under terms comparable to crypto assets.
The Bank of Russia aims to finalize the legislative framework by July 1, 2026. Starting July 1, 2027, it intends to introduce liabilities for illicit activities conducted by crypto intermediaries, aligning with penalties for illegal banking operations.
At the time of this writing, Bitcoin trades at $87,555, with a 24-hour trading volume of $47 billion, experiencing a 3% decline over the past day.
The price is approximately 3% below its seven-day peak of $90,069 and nearly 1% above its seven-day bottom of $87,096. Bitcoin’s circulating supply stands at 19,965,971 coins out of a maximum of 21 million, giving the network a global market capitalization of around $1.75 trillion, which is down 3% from 24 hours ago.
