Russia’s central bank has proposed a new framework that would allow both qualified and unqualified investors to participate in the cryptocurrency market under defined limits and controls. The Central Bank of Russia released a draft regulatory concept in late December that marks one of its most detailed attempts to formally structure crypto access. While the proposal does not legalize crypto payments, it outlines how Russians could legally buy, sell, and hold digital assets through regulated channels. The plan is open for discussion and would require legislative approval before taking effect. Still, it signals a shift from broad restrictions toward controlled participation. Different Rules for Qualified and Retail Investors Under the draft, unqualified investors would gain limited access to cryptocurrencies deemed “most liquid.” These assets would be defined later in law and likely include large-cap tokens with established trading volumes. Before investing, retail users would need to pass a mandatory knowledge and risk test. Even after qualifying, their purchases would be capped at 300,000 rubles per year and routed through a single licensed intermediary. Qualified investors would face fewer limits. They could buy a wider range of cryptocurrencies, except for so-called anonymous coins, and would not be subject to volume caps. However, they would still need to complete a risk assessment before trading. The central bank said the testing requirement aims to ensure investors understand volatility, custody risks, and the absence of state guarantees. Trading Structure, Payments Ban, and Timeline The draft keeps Russia ’s long-standing ban on using cryptocurrencies and stablecoins as a means of payment inside the country. Crypto would remain classified as a financial asset rather than money. Trading would take place through licensed Russian infrastructure, including brokers, exchanges, and trustees. Additional rules would apply to specialized crypto intermediaries, such as exchangers and custodians. The plan also addresses cross-border activity. Russian residents could buy crypto using foreign accounts and transfer assets abroad, but they would need to notify tax authorities. Crypto bought earlier could also be moved overseas through approved Russian intermediaries. The central bank aims to see the legal framework finalized by July 1, 2026. Separate liability rules for illegal crypto service providers are scheduled to take effect from July 1, 2027. If adopted, the proposal would place Russia among jurisdictions allowing crypto investment while maintaining tight controls over payments, intermediaries, and investor exposure.
