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.
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The Bank of Russia is considering allowing crypto purchases for a limited group of qualified investors under a new experimental legal regime.
According to a Wednesday press release published on the bank’s website, the Bank of Russia has outlined a regulatory approach to crypto investments in proposals submitted to the government. Developed under President Putin’s guidance, the framework would authorize a limited circle of Russian investors to engage in the buying and selling of crypto assets.
To facilitate this, a special experimental legal regime (EPR) is planned to be established for a period of three years. The EPR will serve as a testing ground for crypto regulation, allowing authorities to monitor and manage the associated risks.
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 seeking to invest 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.
Despite regulatory developments, the central bank maintains its stance that crypto is not a legal means of payment in the country. It plans to ban settlements between residents in crypto transactions outside the experimental regime. Violations of this ban would face penalties.
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