Bank of Russia Unveils New Framework for Cryptocurrency Regulation

The Bank of Russia has prepared a comprehensive concept for regulating cryptocurrencies on the domestic market, outlining differentiated rules for qualified and non-qualified investors. The proposals have been submitted to the Russian government for consideration.

Despite the more permissive approach, the central bank reiterated that cryptocurrencies remain high-risk instruments. They are not issued or guaranteed by any jurisdiction, are subject to elevated volatility, and carry sanction-related risks. Investors, the regulator stressed, must be fully aware of the possibility of losing their invested capital.

Access Rules for Investors

Under the proposed framework, digital currencies and stablecoins would be recognised as currency valuables. They could be legally bought and sold, but cannot be used as a means of payment within Russia.

Non-qualified investors would be allowed to purchase only the most liquid cryptocurrencies, as defined by criteria set out in legislation. Such investments would require mandatory testing to assess risk awareness and would be capped at 300,000 rubles per year per intermediary.

Qualified investors would be permitted to trade a broader range of cryptocurrencies, excluding anonymous assets whose smart contracts obscure transaction details. While there would be no volume limits, qualified investors would also be required to pass risk-knowledge testing.

Market Infrastructure and Cross-Border Operations

Crypto transactions would be conducted through existing market infrastructure. Exchanges, brokers, and trust managers could operate under their current licenses, while special requirements would apply to crypto exchanges and specialised depositaries.

The concept also allows residents to purchase cryptocurrencies abroad using foreign accounts and to transfer previously acquired crypto assets overseas through Russian intermediaries. However, such operations would need to be reported to tax authorities.

Implications for Digital Financial Assets

The proposed rules extend to the market for digital financial assets (DFAs). Circulation of DFAs and other Russian digital rights — including utility and hybrid instruments — would be permitted on open networks. This could enable issuers to attract foreign investment more freely, while offering investors conditions comparable to those in the crypto market.

According to the roadmap, the legislative framework is expected to be finalised by July 1, 2026. From July 1, 2027, authorities plan to introduce liability for illegal intermediary activity in the crypto market, mirroring penalties applied to unlawful banking operations.