The central bank of Russia has proposed a framework to legitimize and regulate cryptocurrency trading for individuals and institutions, marking a continued shift toward a more permissive stance on cryptocurrencies. However, the bank cautions that investing in crypto comes with risks, including potential financial losses. According to the bank, cryptocurrencies are not backed by any government and are subject to increased volatility and sanctions risks, emphasizing that investors should be aware of the potential risks when deciding to invest in crypto assets.
The proposed regulations recognize digital currencies and stablecoins as monetary assets that can be bought and sold but cannot be used for domestic transactions. Following months of speculation about Russia's plans to expand access to cryptocurrencies under regulated conditions, the proposal allows ordinary citizens to buy and sell cryptocurrencies through regulated platforms. Non-qualified investors can purchase up to 300,000 rubles worth of crypto per year after passing a risk-awareness test, while qualified investors can trade without volume limits but must pass a knowledge assessment. The framework also grants legal status to crypto services provided by existing financial firms and paves the way for new rules governing digital asset custodians and wallet providers, while permitting Russian residents to buy crypto abroad and transfer it to domestic platforms with tax reporting requirements.