Bank of Russia moves to open crypto access to retail investors

Key Takeaways

• The Bank of Russia proposes rules allowing both qualified and non-qualified investors access to crypto assets with different restrictions.
• New regulations would recognize digital currencies and stablecoins as assets, but not allow their use for domestic payments in Russia.

The Bank of Russia has proposed a new crypto regulatory framework that would widen access to the crypto market while maintaining strict safeguards.

Under a concept released by the central bank on Tuesday, both retail and professional investors would be allowed to acquire digital assets, subject to tiered restrictions and testing requirements.

Retail investors would be limited to the most liquid crypto and capped at 300,000 rubles per year through a single intermediary. Meanwhile, professional investors would face no transaction limits but would be barred from purchasing anonymous crypto.

The bank has submitted proposals for legislative amendments to the government for review.

The proposal reiterates the central bank’s view that crypto remains a high-risk asset due to volatility, lack of sovereign backing, and sanctions exposure. While digital currencies and stablecoins would be recognized as monetary assets that can be bought and sold, their use for domestic payments would remain prohibited.

Crypto transactions would continue to be conducted through existing licensed infrastructure, including exchanges, brokers, and trustees, with additional requirements introduced for specialized crypto depositories and exchangers.

The framework also extends to digital financial assets, allowing DFAs and other Russian digital rights to circulate on open networks to attract foreign investment.

The Bank of Russia said it aims to finalize the legislative framework by July 1, 2026, with liability for illegal activity by crypto intermediaries set to take effect from July 1, 2027.