The Central Bank of Russia (CBR) has published a formal concept for regulating cryptocurrency within the domestic market, proposing differentiated access for retail and professional investors while reaffirming its stance that digital assets are high-risk financial instruments.
In a press release issued on December 25, the Bank said it had submitted proposals for legislative amendments to the government and outlined a two-tier framework that will govern the circulation of digital currencies, including stablecoins, in the country.
While cryptoassets will be accessible to both qualified and non-qualified investors, the regulator emphasised that “the rules for them will differ.” Non-qualified investors will be limited to purchasing only the most liquid cryptocurrencies — as defined by forthcoming legal criteria — and capped at ₽300,000 ($3,340) annually through a single licensed intermediary. They will also be required to pass a test to demonstrate an understanding of the risks involved.
Qualified investors will be allowed access to a broader set of cryptocurrencies, excluding anonymous tokens that use obfuscation tools in smart contracts. There will be no cap on transaction volume, but these investors must also undergo testing to confirm their awareness of potential risks.
“Cryptoassets remain high-risk instruments with no identifiable issuer and no guarantees from any jurisdiction,” the Bank stated. “They are highly volatile and involve sanction risks. Investors must be fully aware that they might lose their funds.”
Under the proposed framework, cryptocurrencies may be bought and sold, but cannot be used for payments within Russia. Transactions may be conducted through existing infrastructure — including exchanges, brokers, and trustees — provided these entities are appropriately licensed. Specialised licensing requirements will apply to crypto depositories and exchange offices.
Russian residents will also be permitted to purchase cryptocurrencies abroad using foreign accounts and transfer previously acquired crypto balances through Russian intermediaries, but such activity must be reported to the Federal Tax Service.
The Bank’s proposal extends to digital financial assets (DFAs) and Russian-issued digital rights. These may be traded on open networks, allowing issuers to attract foreign investment. Clients will be able to purchase DFAs under conditions equivalent to those for cryptocurrency transactions.
After initial reservations, the CBR has thrown itself into adopting cryptocurrency solutions as part of Russia’s attempt to de-dollarise its economy. It has set up a digit ruble that will be introduced next year. At the BRICS summit in Kazakh last year Russian President Vladimir Putin showcased a BRICS Pay digital coin that could be used to settle mutual trade. And most recently a gold-backed cryptocurrency for settling trade deals was launched in December.
