The Bank of Russia has set out a new framework for regulating cryptocurrencies, proposing tiered access that would allow ordinary investors to buy digital assets alongside professional market participants while maintaining tight controls on risk and usage.
In a concept paper released on Tuesday and submitted to the government for review, the central bank said both qualified and non-qualified investors would be allowed to acquire crypto assets, but under different rules, limits and testing requirements.
The move marks another step in Russia’s gradual shift toward accommodating digital assets as sanctions reshape financial flows and market infrastructure.
Earlier this year, the Bank of Russia moved to allow domestic banks to conduct limited crypto operations under strict supervision. First Deputy Chairman Vladimir Chistyukhin said that while the central bank maintains a conservative stance on assets like bitcoin, it no longer sees a rationale for fully excluding banks from such activity.
It was also reported that Russia used bitcoin to settle some oil deals with China and India and route payments through intermediaries to circumvent Western sanctions.
So with that said, the current proposal maintains the central bank’s longstanding caution towards cryptocurrencies, which it continues to classify as high-risk instruments.
The Bank of Russia warned that crypto-assets are not issued or guaranteed by any jurisdiction, are subject to sharp price fluctuations and carry increased penalties and operational risks. Investors, it said, must fully accept the possibility of losing their funds.
A $3,800 cap for Russia’s retail investors
Under the framework, non-qualified or retail investors will only be allowed to purchase the most liquid cryptocurrencies based on criteria to be defined in legislation.
Entry would be conditional on passing a knowledge test, and purchases would be limited to 300,000 rubles (about $3,800) a year through a single intermediary.
Qualified investors will face fewer restrictions. They will be allowed to buy any cryptocurrency without transaction limits, provided they pass a test confirming their understanding of the risks. However, anonymous cryptocurrencies – defined as tokens whose smart contracts hide information about transaction recipients – will remain off-limits.
Digital currencies and stablecoins will be formally recognized as monetary assets under the proposal, meaning they can be bought and sold.
Their use as a domestic means of payment in Russia would remain banned, reinforcing the central bank’s position that crypto should not act as an alternative to the ruble in day-to-day transactions.
Cryptocurrency trading will take place through existing licensed infrastructure. Exchanges, brokers and administrators will be able to offer crypto services under their current permits, while additional requirements will apply to specialized crypto custodians and exchangers.
The framework also allows Russian residents to buy cryptocurrencies abroad using foreign accounts and transfer previously acquired crypto abroad through Russian intermediaries. Such transactions will require notification to the tax authorities.
In addition to cryptocurrencies, the proposal includes digital financial assets (DFAs) and other Russian digital rights, including utilitarian and hybrid instruments. Their circulation on open networks would be allowed, a move intended to help issuers attract foreign investment and give investors access to DFAs on terms comparable to crypto assets.
The Bank of Russia aims to complete the regulatory framework by July 1, 2026. From July 1, 2027, it plans to introduce liability for illegal activity of crypto-intermediaries in accordance with sanctions for illegal banking operations.
At the time of writing, Bitcoin is trading at $87,555, with a 24-hour trading volume of $47 billion, down 3% over the past 24 hours.
The price was about 3% below its seven-day high of $90,069 and about 1% above its seven-day low of $87,096. Bitcoin’s circulating supply was 19,965,971 coins out of a maximum supply of 21 million, giving the network a global market cap of around $1.75 trillion, down 3% from 24 hours earlier.