The Russian Central Bank has proposed allowing non-professional investors to purchase highly liquidation assets up to an annual limit of $3,834 after passing a knowledge test.
TheRussian Central Bank has made a notable policy shift by submitting a draft proposal allowing non-professional investors access to the cryptocurrency market, albeit under strict conditions. This move marks a significant change in the stance of a regulator that previously held a cautious position on digital assets.
According to an announcement on Tuesday, the Bank of Russia's proposal would Chia access to the cryptocurrency market into two tiers. Amateur investors would be allowed to purchase highly liquidation cryptocurrencies from an as-yet-undetermined portfolio, but would have to pass a knowledge test and be limited to a maximum investment of 300,000 rubles (approximately $3,834) per year. Professional investors, meanwhile, would have broader market access, excluding anonymous cryptocurrencies, and would also have to complete a similar knowledge test.
The proposal also allows Russian residents to purchase cryptocurrency on foreign platforms, pay using foreign accounts, and transfer assets through intermediaries in Russia. However, in these cases, investors must notify the tax authorities of all transactions, ensuring transparency in personal financial management.
From "highly specialized" to a broader approach
This move follows recent statements by First Deputy Governor Vladimir Chistyukhin that Russia is considering easing regulations on cryptocurrencies. He suggested the possibility of removing the requirement to meet the "super-professional investor" criteria for physical cryptocurrency transactions.
The classification of "super-expert investors" was introduced by the Russian Ministry of Finance and the central bank at the end of April when the official cryptocurrency exchange launched. This category is defined based on strict financial thresholds, including assets and income exceeding 100 million rubles ($1.3 million) or a minimum annual income of 50 million rubles. The new proposal shows Russia is significantly expanding access compared to the previously restrictive framework.
However, the central bank stressed that it “continues to consider crypto assets a high-risk instrument,” reflecting a cautious stance despite its easing policy. The announcement also affirmed that although stablecoins and crypto assets are recognized as tradable monetary assets, they are still not permitted for domestic payments, in compliance with a law passed by the State Duma in June 2020.
According to the proposal, cryptocurrency transactions will be offered through exchanges, brokerage firms, and custodians operating under existing licenses. Specialized custodians and exchanges working with cryptocurrencies will have to comply with separate requirements, ensuring transparency and protecting investors within this developing ecosystem.
The new policy reflects a balance between acknowledging the potential of the cryptocurrency market and maintaining tight control, a trend many countries are adopting in the context of the globalization of digital assets.
