Russia’s central bank, the Bank of Russia, is open to allowing access to cryptocurrencies under tight investor safeguards and regulatory controls, according to a new policy proposal.
Per the proposal, “both qualified and non-qualified investors will be able to acquire crypto assets, but each category will be subject to its own rules,” the bank said in a December 23 statement.
The bank has already submitted its proposed legislative changes to the government for review and has outlined a working regulatory framework to be finalised by July 1, 2026.
What does the proposal mean for Russian crypto investors?
For non-qualified investors, which include ordinary retail participants, the Bank of Russia has proposed certain limitations. This includes access only to a select group of liquid crypto assets.
Which specific cryptocurrencies would fall under this list is yet to be defined. However, the central bank wants to impose an annual purchase cap of 300,000 rubles (roughly $3,843).
In addition, these investors would be required to pass a knowledge test before being allowed to buy any crypto.
On the other hand, qualified investors would have much broader access to a wider range of cryptocurrencies, with the exception of privacy coins, which face restrictions in several jurisdictions across the globe.
However, this subset of investors would also be subject to passing a knowledge test to ensure they understand the risks involved.
At the same time, Russian residents would be allowed to acquire cryptocurrencies on foreign exchanges using foreign accounts.
In those cases, investors would be required to report their transactions to the country’s tax authorities.
The bank also proposed allowing digital financial assets to be circulated and traded on public networks as a way to attract foreign investment.
Bank of Russia is not endorsing crypto
Even as the central bank opens the door to controlled access, it has stressed that this move should not be interpreted as an endorsement of cryptocurrencies.
“The Bank of Russia continues to consider cryptocurrencies a high-risk instrument. They are not issued or guaranteed by any jurisdiction and are subject to increased volatility and sanctions risks,” the bank said.
A year after the proposed regulatory framework is devised, penalties will be introduced for unlicensed crypto intermediaries operating within Russia.
For years, the Bank of Russia had maintained a hardline stance against crypto and even proposed a complete ban at one point.
However, as Russia’s economy came under distress due to mounting sanctions, the central bank began to reevaluate its position.
Back in October, the bank agreed to legalise crypto for foreign trade settlements. Around the same time, it finalised a new framework allowing commercial banks to engage in limited crypto operations.
Russia has also leaned on its energy surplus to formally permit cryptocurrency mining.
The central bank has acknowledged and supported this development, framing crypto mining as a legitimate export item that brings value to the economy.
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