The Bank of Russia is now open to relaxing current regulations that limit cryptocurrency transactions. This decision comes after ongoing talks with the Ministry of Finance. Russian regulators are considering easing these restrictions, allowing broader access to digital assets.
Deputy Finance Minister Ivan Chebeskov revealed earlier this month that Russian authorities were discussing a change. According to him, financial officials are exploring the possibility of modifying the term “highly qualified” in crypto regulations. Bank of Russia’s First Deputy Chairman, Vladimir Chistyukhin, confirmed this in a recent statement.
Chistyukhin said, “Our colleagues from the finance ministry correctly stated that we are discussing the feasibility of using [the term] ‘highly qualified’ in the new crypto regulation.” This marks a shift from the current model, which limits crypto access to a small group of investors.
The Central Bank of Russia has previously maintained a cautious stance on cryptocurrencies. However, Chistyukhin’s comments signal a possible policy change in the near future. He expressed that it is “quite possible” to ease restrictions for a wider group of investors.
The Bank of Russia has gradually changed its stance over the years. In March 2023, the central bank proposed an “experimental legal regime” for cryptocurrency operations. Under this regime, Russian businesses could use digital currencies for cross-border transactions.
The new regulations would expand access beyond the highly qualified investors who currently dominate the crypto market. Chistyukhin emphasized that crypto assets could soon be treated as “normal instruments” in the financial system. This change would help align Russian regulations with the growing global acceptance of digital currencies.
In October, the Central Bank of Russia allowed commercial banks to deal with digital assets. The bank has also pushed for new laws to regulate crypto investments outside the experimental framework. These moves indicate that Russia is moving toward embracing a broader crypto market.
Currently, cryptocurrency access in Russia is limited to investors with substantial assets. To qualify, individuals must have a minimum of 100 million rubles in investments and securities. Additionally, their annual income must exceed 50 million rubles.
However, the Bank of Russia has acknowledged that household investments in crypto remain low. Only about $47 million of household investments are tied to crypto derivatives. Despite this, the bank has stated that these investments do not pose a risk to the financial system.
Russian authorities are now considering expanding the market to allow more individuals to participate. The Central Bank’s recent actions suggest that it may open the crypto market to a larger pool of investors. The bank is working closely with the Ministry of Finance to finalize the new regulatory framework.
The Bank of Russia has committed to continuing discussions with the Ministry of Finance. Both entities are collaborating to develop new regulations that will affect Russian investors. Chistyukhin suggested that more clarity on the new regulations could come by the end of 2025.
It seems that Russia is preparing to ease restrictions on crypto as part of a broader financial strategy. The central bank’s latest statements indicate that changes could occur soon. However, the exact details will depend on further talks with the Ministry of Finance.
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