The central bank’s new proposal will allow “specially qualified investors” with assets exceeding $1.15 million to trade digital currencies under an experimental regime
The Bank of Russia has proposed new regulations permitting a select group of investors to trade cryptocurrencies under an experimental legal framework.
The policy, unveiled on March 12, stated,“ is a new status that … citizens will receive if their investments in securities and deposits exceed 100 million rubles or if their income over the past year was more than 50 million rubles ($575,000)”.
The proposal also includes provisions for financial institutions already classified as qualified investors to participate in the experiment.
These include banks, insurance companies, brokers, trust managers, non-state pension funds, and asset management firms for mutual investment funds.
The introduction of this experimental legal regime is aimed at increasing transparency in the cryptocurrency market and establishing service provision standards. According to the Bank of Russia, the initiative seeks “investment opportunities for sophisticated investors with higher risk appetites.”
To achieve this, the central bank plans to implement the special experimental regime for a period of three years.
Allowed for elite investors, but banned for transactions “between residents”
The Bank of Russia reiterated its long-standing skepticism toward digital currencies, emphasizing their volatility and lack of state backing.
“The Bank of Russia still does not recognize cryptocurrency as a means of payment,” it stated, adding that digital assets “are not issued or guaranteed by any jurisdiction, are based on mathematical algorithms, and are highly volatile.”
Beyond the restrictions on individual investors, the proposal also suggests “to simultaneously impose a ban on settling cryptocurrency transactions between residents outside the experimental legal regime.”
Currently, Russian law prohibits the use of digital currencies for local transactions but allows ownership and international payments under certain conditions.
Russia’s new crypto strategy sparks questions about a sanctions backdoor
Russia’s stance on cryptocurrency has shifted in recent years. In 2020, the government banned the use of digital currencies for payments, but following Western sanctions over the Ukraine conflict, the country has gradually embraced digital assets in specific areas.
In 2024, lawmakers approved cryptocurrency mining for legal entities and registered entrepreneurs, signaling a cautious yet growing acceptance of digital assets.
Shortly after, reports emerged that Russia planned to integrate its National Payment Card System (NSPK) with crypto transactions to facilitate alternative payment mechanisms. However, in February 2024, the U.S. Treasury imposed sanctions on the NSPK, complicating these efforts.
Amid these developments, President Vladimir Putin reinforced the resilience of digital currencies during a December 2024 forum in Moscow.
“For example, Bitcoin—who can ban it? Nobody,” he stated. “And who can prohibit the use of other electronic payment instruments? Nobody, because these are new technologies.”
Despite regulatory caution, Russia continues to expand its digital asset framework. The Moscow Exchange has signaled since 2023 its readiness to introduce crypto-related financial instruments, aligning with the government’s evolving stance.
Additionally, in 2025, a new tax regime for digital assets will take effect, further consolidating cryptocurrency’s role in Russia’s financial landscape.
While the experimental legal regime aims to create a controlled environment for crypto investment, the policy’s selective access to wealthy investors and major financial firms raises broader questions.
Some speculate that limiting crypto access to Russia’s elite could provide an indirect mechanism for navigating global financial restrictions, as reported by Chainalisis last year.
