The Bank of Russia has prepared and submitted to the government a foundational concept for regulating cryptocurrencies within the Russian market.
Under the proposed framework, the mega-regulator would grant access to both qualified and non-qualified (retail) investors, albeit under distinct sets of rules.
The concept explicitly classifies cryptocurrencies as high-risk financial instruments. It also proposes recognizing digital currencies and stablecoins as currency assets, permitting their purchase and sale while upholding the existing ban on their use for domestic payments.
Non-qualified investors would be permitted to acquire only the most liquid cryptocurrencies (with selection criteria to be written into law). Access will be granted only after passing a suitability test. An annual investment limit of 300,000 rubles per intermediary would apply.
Qualified investors, by contrast, would be allowed to trade any cryptocurrency without volume restrictions, also subject to passing a test. An exception would apply to privacy coins (anonymous cryptocurrencies whose smart contracts conceal transactional data), which would remain off-limits.
All transactions would be required to flow through licensed Russian intermediaries, such as existing exchanges, brokers, and trust managers. Separate regulatory requirements are planned for specialized digital asset depositories and exchangers.
The concept outlines other requirements such as notifying the tax service of certain cross-border cryptocurrency transactions, developing a complete legislative framework by July 1, 2026, and introducing liability for illegal intermediary activity effective July 1, 2027.