Russia Weighs Opening Crypto Markets to Retail Investors Under New Rules
What Did the Bank of Russia Propose?
The Bank of Russia has released a policy proposal that would allow non-qualified investors to purchase certain cryptocurrencies for the first time under a regulated framework. The plan, published Tuesday, would open most of the crypto market to both qualified and non-qualified investors, while imposing strict caps and testing requirements.
Under the proposal, non-qualified investors would be allowed to purchase a defined list of liquid cryptocurrencies later than passing a knowledge test. Annual purchases would be capped at 300,000 rubles, or roughly $3,834. The central bank has not yet specified which assets would qualify, but the framework suggests a narrow initial scope.
Qualified investors would gain broader access to , with the exception of privacy-focused coins. They would also be required to pass a knowledge assessment. The proposal outlines a tiered system that markets to the public.
Investor Takeaway
Why Is This Change Broader Than Expected?
The proposal follows earlier comments from Vladimir Chistyukhin, the central bank’s first deputy governor, who said Russia was reviewing its restrictive crypto rules. At the time, he suggested that the “super-qualified investor” requirement for trading with physical delivery could be relaxed.
That category was introduced in late April, when Russia’s finance ministry and central bank jointly launched a domestic crypto platform. To qualify, investors had to meet wealth thresholds above 100 million rubles, or earn at least 50 million rubles annually. The new proposal moves beyond that structure by opening limited access to non-qualified investors, a step that was not widely expected.
While the proposal still preserves strict controls, it marks a shift from a system designed almost exclusively for high-net-worth participants to one that acknowledges retail demand.
How Would Cross-Border Crypto Activity Work?
The proposal also addresses crypto activity outside Russia’s domestic platforms. Russian residents would be allowed to purchase crypto on foreign platforms, pay through foreign accounts, and transfer those assets via Russian intermediaries. In such cases, investors would be required to notify the tax authorities of the transactions.
This approach reflects an effort to bring existing behavior into view rather than pushing it further underground. Cross-border crypto use has remained active despite domestic restrictions, especially as Russians viewk access to global markets amid capital controls and financial isolation.
By formalizing reporting obligations instead of banning foreign activity outright, the central bank appears focused on oversight and tax compliance rather than full enforcement bans.
Investor Takeaway
Does Russia Still View Crypto as a Risk?
Despite the proposed easing, the Bank of Russia made clear that its stance on crypto risk has not changed. The central bank said it “continues to consider cryptocurrencies a high-risk instrument.”
The proposal also restates that , while recognized as monetary assets that can be bought and sold, remain barred from domestic payments. This restriction stems from a 2020 law passed by the State Duma that bans the use of crypto as a payment method inside Russia.
That distinction underscores the central bank’s approach: asset under supervision, but not as a parallel payment system.
What Would the Market Structure Look Like?
If adopted, crypto transactions would take place through platforms, brokers, and trustees operating under existing financial licenses. Specialized crypto platforms and depositories would face separate regulatory requirements, signaling tighter oversight for firms handling digital assets directly.
The proposal stops short of providing a timeline for implementation or detailing which cryptocurrencies would be deemed suitable for non-qualified investors. Those decisions are likely to shape how meaningful the change becomes in practice.
