The Central Bank of Russia, Russia's central bank, has released a draft policy allowing individual investors to purchase highly liquid cryptocurrencies. This is seen as a signal that it will expand access to cryptocurrencies, which had previously been limited to professional investors.
According to the draft, ordinary investors will be able to purchase up to 300,000 rubles (approximately 5.7 million won) of cryptocurrency annually. However, prior to investing, they must pass a pre-assessment assessment that examines cryptocurrency structure, price volatility, and risk factors. The aim is to prevent mere speculative demand and ensure that only investors with a minimum level of understanding participate in the market.
The Central Bank of Russia's position is that this measure aims to simultaneously ensure investor protection and financial stability. While officially acknowledging the high volatility and risk of loss associated with cryptocurrencies, it is interpreted as a strategy to manage the already widespread demand for individual investment within the institutional framework.
It's particularly noteworthy that only "highly liquid cryptocurrencies" are permitted. This indicates a focus on major global assets like Bitcoin and Ethereum, a departure from the indiscriminate opening of all altcoins.
The market sees this move as a shift in Russia's cryptocurrency policy. Following the initial opening of cryptocurrency use in mining and international payments, Russia is now moving toward institutionalizing it, albeit on a limited basis, in the area of individual investment. However, as long as the annual cap and testing conditions remain in place, it is expected to be more of a "policy experiment" than a short-term influx of large-scale individual capital.
If this draft is finalized, Russia is likely to be classified as a country adopting a controlled regulatory model, rather than a country that either fully accepts or completely bans cryptocurrencies. This is also in line with the global trend of major countries seeking to integrate cryptocurrencies into institutional finance.
