The Bank of Russia has unveiled a proposed framework that would allow Russian citizens to buy and trade cryptocurrencies under a tightly regulated system, according to an announcement from the central bank.
Under the proposal, cryptoassets would be accessible to both “qualified” and “non-qualified” investors, though the rules governing each group would differ significantly. The central bank said it has submitted the concept to the Russian government as part of a package of proposed legal amendments.
The Bank of Russia continues to classify cryptocurrencies as high-risk financial instruments, citing the absence of identifiable issuers, a lack of jurisdictional guarantees, price volatility, and exposure to sanction-related risks. The regulator warned that investors should be prepared for the possibility of losing their funds.
According to the proposal, digital currencies and stablecoins would be classified as currency assets that may be purchased and sold, but they would remain prohibited for use as payment instruments within Russia.
Non-qualified investors would be permitted to buy only the most liquid cryptocurrencies that meet criteria set by law, and only after passing a mandatory risk-awareness test. Purchases would be capped at ₽300,000 per year through a single intermediary.
Qualified investors — defined as individuals who meet professional or financial criteria — would be allowed to access a broader range of cryptocurrencies, excluding anonymous tokens whose smart contracts conceal transaction data. These investors would not face transaction caps but would still be required to pass a risk-awareness test.
Cryptocurrency transactions would be conducted through licensed infrastructure, including exchanges, brokers, and trustees. The proposal also establishes separate regulatory requirements for specialized depositories and exchange offices handling cryptoassets.
The framework would allow Russian residents to purchase cryptocurrencies abroad using foreign accounts and to transfer previously acquired holdings through foreign intermediaries, provided such transactions are reported to tax authorities.
The proposal also addresses digital financial assets, allowing transactions involving Russian utility and hybrid digital rights to occur on open networks. The central bank said the changes could enable issuers to raise capital from abroad while giving clients access to digital assets under conditions comparable to those for cryptocurrency purchases.
According to the central bank, the legal framework supporting the proposal is scheduled to be drafted before July 1, 2026. Beginning July 1, 2027, the legislation would impose liability on intermediaries for illicit cryptocurrency operations, similar to penalties for illegal banking activities.
