The Russian Central Bank released a detailed proposal aimed at structuring cryptocurrency investments within the country. Under the proposed rules, non-qualified, or retail, investors would gain the ability to purchase digital tokens, a potential shift from prior restrictions. These retail investors would be subject to specific limitations, including an annual investment cap and a mandatory knowledge test. In contrast, qualified investors would receive broader access to digital assets under regulated conditions. The framework also permits Russian residents to purchase and transfer crypto assets abroad, provided these transactions are reported to the Federal Tax Service. The central bank’s long-standing opposition to domestic crypto payments remains in effect.
The new framework outlines distinct rules for different investor categories. Non-qualified investors would be permitted to purchase the most liquid cryptocurrencies, as defined in future legislation, with their annual purchases capped at 300,000 rubles (approximately $3,800) through a single licensed intermediary. Access for these investors would be contingent on passing a knowledge and risk test. Qualified investors, on the other hand, would face fewer restrictions, allowed to buy any cryptocurrency, excluding anonymous tokens, without volume caps, provided they pass a risk assessment. The central bank classifies digital currencies and stablecoins as currency values
that can be bought and sold, but explicitly forbids their use for domestic payments.
The Russian Central Bank states its objective is to balance innovation interests with consumer protection concerns and financial stability risks. This regulatory evolution is seen as a move to adapt to global financial shifts and potentially leverage cryptocurrency for economic purposes, particularly amidst international sanctions. The central bank has consistently maintained a conservative stance on cryptocurrencies, classifying them as high-risk instruments
.
While the proposal outlines investment caps and investor categories, specific criteria for determining the most liquid cryptocurrencies
that non-qualified investors can access have not yet been defined. Further details regarding the precise tax reporting requirements for international crypto transactions also await legislative clarity.
The Russian Central Bank aims to finalize the legislative groundwork for these new crypto rules by . Subsequently, criminal or administrative liability for illegal crypto intermediation in Russia is scheduled to take effect from . These developments are expected to provide a more structured, albeit controlled, environment for cryptocurrency participation for Russian residents and investors.
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