Bank of Russia Eyes Limited Crypto Trading for Select Investors
New Proposal Suggests a Three-Year Trial to Regulate Crypto Investments and Market Transparency
The Bank of Russia is considering a major shift in its approach to cryptocurrency regulation, proposing a controlled experiment that would allow select investors to legally trade digital assets like Bitcoin.
In an announcement on March 12, the Russian central bank revealed its proposal to introduce an “experimental legal regime” for crypto trading. This initiative would grant a “limited circle of Russian investors” the right to buy and sell cryptocurrencies, signaling a potential softening of Russia’s historically strict stance on digital assets.
Only High-Net-Worth Investors May Qualify
Under the proposal, only investors with at least $1.1 million in securities and deposits would be eligible to participate. The Bank of Russia has sent these recommendations to the government for discussion, emphasizing that the experiment aims to bring transparency and legal oversight to crypto investments.
However, the proposal also comes with strict enforcement measures. The central bank suggested introducing penalties for any cryptocurrency transactions that occur outside the defined experimental framework, reinforcing its cautious stance on broader crypto adoption.
Crypto Payments Still Off the Table
Despite this potential step toward regulated crypto investment, the Russian central bank remains firm on its long-standing ban on cryptocurrency payments. The country’s first crypto law, “On Digital Financial Assets,” which took effect in January 2021, prohibits residents from using digital currencies like Bitcoin for transactions.
Reaffirming this position, the central bank stated in its proposal:
“The Bank of Russia still does not consider cryptocurrency as a means of payment. Therefore, it proposes to also introduce a ban on settlements between residents on transactions with cryptocurrency outside the experimental legal regime, as well as establish liability for violating the ban.”
While this trial could mark a turning point for Russia’s approach to crypto investments, it’s clear that full adoption of digital currencies in everyday transactions remains a distant possibility.
