Russia’s central bank considers allowing crypto purchases for qualified investors

Key Takeaways

Russia’s central bank seeks to enable crypto purchases for highly qualified investors only.
The experimental legal regime excludes crypto as a means of payment between residents.

The Bank of Russia has submitted proposals to the government outlining a regulatory framework for crypto investments, according to a Wednesday press release published on the bank’s website.

The proposals, developed based on instructions from President Putin, would allow crypto purchases for a limited group of “especially qualified” investors under a three-year experimental legal regime.

As stated, eligible participants would include individual investors with over 100 million rubles in securities and deposits or annual income exceeding 50 million rubles, as well as corporate qualified investors and financial organizations.

For financial institutions investing in crypto assets, the Bank of Russia will establish specific regulatory requirements based on risk levels. The experimental framework aims to increase market transparency and create service standards while expanding investment options for experienced investors.

The central bank maintains its position against using crypto as a means of payment and plans to ban settlements between residents in crypto transactions outside the experimental regime. Violations of this ban would face penalties.

Under the proposal, all qualified investors would be permitted to invest in derivatives, securities, and digital financial assets that are linked to crypto values but do not involve direct crypto delivery.