Russia’s central bank has outlined a new regulatory framework that would allow retail investors to access cryptocurrencies under strict conditions, signaling a further shift in policy as sanctions continue to influence the country’s financial strategy.
What Happened
Under the proposal released Tuesday, the Bank of Russia would permit non-qualified investors to purchase selected, highly liquid cryptocurrencies after completing a knowledge assessment, Bloomberg reported.
Annual purchases for these investors would be capped at 300,000 rubles, or roughly $3,800, and transactions would have to be conducted through a single approved intermediary.
Qualified investors, by contrast, would be allowed to buy unlimited amounts of cryptocurrencies, excluding anonymous tokens, after passing a separate test designed to confirm awareness of the risks involved.
The central bank said it has submitted the proposal to the government as part of a package of legislative amendments, with the aim of putting a regulated trading framework in place by Jul. 1 next year.
While enforcement details have not yet been clarified, the move represents a notable departure from the regulator’s earlier hardline stance on digital assets.
Why It Matters
Just weeks before Russia launched its full-scale invasion of Ukraine in early 2022, the central bank had called for a sweeping ban on the issuance and use of cryptocurrencies, warning they posed systemic risks and likening them to pyramid schemes.
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In its latest statement, the regulator maintained that cryptocurrencies remain high-risk instruments, cautioning investors that losses could be substantial.
If adopted, the new rules would channel domestic crypto transactions through Russia’s existing licensed financial infrastructure, including exchanges, brokers and trust management firms.
Separate regulatory requirements would apply to custody and exchange services.
Russian residents would also be permitted to purchase cryptocurrencies abroad and move holdings through domestic intermediaries, provided they comply with tax disclosure obligations.
The policy shift builds on steps taken in 2024, when the central bank first eased restrictions to allow businesses limited use of cryptocurrencies.
Even in the absence of comprehensive regulation, both individuals and companies in Russia have increasingly turned to digital assets for cross-border payments, particularly after sanctions restricted access to traditional banking channels.
The latest proposal suggests the authorities are now seeking to bring that activity more formally under regulatory oversight.
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