Russian central bank proposes 3-year crypto trial for select investors

The Bank of Russia has proposed a three-year experimental legal framework that would allow a limited group of investors to trade cryptocurrencies, marking a potential shift in the country’s digital asset regulations.

The central bank announced on March 12 that it had submitted proposals to the Russian government for discussion. The initiative would grant access to crypto trading to investors who hold at least $1.1 million in securities and deposits.

However, the proposal also includes penalties for violations of the experimental regime.

According to the statement:

“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.”

Despite the proposal, the country’s stance on digital assets remains restrictive. The central bank reiterated that retail crypto payments will remain prohibited even if the proposed trial moves forward.

Russia banned crypto payments under its “On Digital Financial Assets” law, which took effect in January 2021.

Market transparency and opportunities

The Bank of Russia said the experimental program’s purpose is to enhance market transparency and establish regulatory standards for cryptocurrency service providers. It also aims to expand investment opportunities for experienced traders willing to accept heightened financial risks.

The proposal also includes provisions to allow qualified financial institutions to participate in the trial, suggesting that regulated companies could be permitted to invest in digital assets. This could pave the way for Russian firms to adopt a Bitcoin accumulation strategy similar to Strategy (formerly MicroStrategy).

Under the proposed framework, direct crypto trading will be limited to select investors. However, all qualified investors will have access to derivative financial instruments and securities tied to cryptocurrency values.

The proposal follows Russia’s ongoing efforts to explore digital assets for international trade. In December 2024, Finance Minister Anton Siluanov confirmed that the country had been actively experimenting with crypto transactions for foreign trade under a separate experimental legal regime implemented in September 2024.

The government has yet to formally approve the Bank of Russia’s proposal. If enacted, the framework could mark a significant step toward integrating digital assets into Russia’s financial system while maintaining strict controls on domestic transactions.

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