In a significant shift towards mainstream adoption of cryptocurrencies, Russia plans to unveil a new legislative proposal during the upcoming spring parliamentary session. This bill aims to transition cryptocurrencies from their current status under special financial regulations into a more comprehensive legal framework.
Chairman of the Financial Market Committee, Anatoly Aksakov, announced to the state news agency TASS that the legislation is ready for introduction. The proposed changes follow a December initiative from the Bank of Russia, which suggested that non-qualified investors should be allowed to purchase certain cryptocurrencies.
The new regulatory structure will create a dual system for accessing cryptocurrencies. Retail investors, categorized as non-qualified, would be restricted to purchases of up to 300,000 rubles, approximately $3,800. Conversely, qualified professionals who meet specific income and educational criteria will face no such limitations, allowing them to engage in unrestricted trading. This framework aims to ensure that market access is balanced with appropriate investor protection measures.
To further safeguard retail investors, the Bank of Russia previously proposed implementing a risk-awareness assessment. This assessment would serve to inform investors about the inherent volatility associated with cryptocurrency trading. However, it is important to note that anonymous and privacy-oriented cryptocurrencies will continue to face restrictions, as regulators seek to uphold transparency and oversight within the market.
Currently, cryptocurrencies are classified as property in Russia, and their use for domestic payments is prohibited. Nonetheless, many Russians have increasingly turned to cryptocurrencies for international money transfers, particularly since 2022 when economic sanctions limited their access to traditional banking channels.
Aksakov emphasized that cryptocurrencies could play a crucial role in facilitating international transactions. Furthermore, there is potential for Russian-issued digital tokens to be listed in foreign financial markets, expanding their reach and usability.
Discussions are also underway regarding the regulation of cryptocurrency exchanges operating in Russia. At present, these platforms function without regulatory oversight, leading many to relocate due to sanctions. Anton Gorelkin, chair of the State Duma”s Technologies Committee, has advocated for establishing regulations to ensure exchanges operate safely within Russian jurisdiction.
Gorelkin highlighted that scammers frequently exploit exchanges based in Belarus to target Russian users, complicating law enforcement”s ability to address fraud effectively. He indicated on Telegram that creating a legal framework for exchanges is essential for their proper operation within the country.
In late 2024, the Bank of Russia relaxed certain crypto transaction rules for businesses. This move was part of a broader proposal detailing how exchanges, brokers, and trusts could manage cryptocurrency activities. Moreover, the digital ruble initiative is progressing, with a full implementation expected across state financial systems by September 2026.
