Translation. Region: Russian Federation –
Source: Central Bank of Russia
An important disclaimer is at the bottom of this article.
The Bank of Russia has prepared a concept for regulating cryptocurrencies in the Russian market. Both qualified and non-qualified investors will be able to acquire crypto assets, but each category will be subject to its own rules. The Bank of Russia has submitted proposals for legislative amendments to the government for review.
At the same time, the Bank of Russia continues to consider cryptocurrencies a high-risk instrument. They are not issued or guaranteed by any jurisdiction and are subject to increased volatility and sanctions risks. When deciding to invest in crypto assets, investors should understand that they assume the risk of potential loss of their funds.
According to the concept, digital currencies and stablecoins are recognized as monetary assets; they can be bought and sold, but they cannot be used for domestic payments.
Unqualified investors will be able to acquire the most liquid cryptocurrencies, for which criteria will be established in legislation, but only after passing testing and within a limit of no more than 300,000 rubles per year through a single intermediary.
Qualified investors will be able to purchase any cryptocurrency, except anonymous ones (whose smart contracts conceal information about token transfers to recipients), without any transaction volume restrictions, but only after passing a risk assessment.
Cryptocurrency transactions will be possible through the existing infrastructure: exchanges, brokers, and trustees will be able to operate under their existing licenses. Separate requirements will be established only for specialized depositories and exchangers that work with cryptocurrencies.
Residents will also be able to purchase cryptocurrency abroad (paying for it from foreign accounts) and transfer previously purchased cryptocurrency abroad through Russian intermediaries, but they will need to notify the tax service of such transactions.
The new regulation will also affect the digital financial asset (DFA) market. The circulation of DFAs and other Russian digital rights (utilitarian and hybrid) will be permitted on open networks. This will allow issuers to freely attract investment from abroad, and clients to acquire DFAs on terms no worse than those for cryptocurrency.
The concept calls for the development of a legislative framework by July 1, 2026. And starting July 1, 2027, it is planned to introduce liability for the illegal activities of intermediaries in the cryptocurrency market, similar to the liability for illegal banking activities.
Preview photo: Baurzhan I / Shutterstock / Fotodom
Please note: This information is raw content obtained directly from the source. It represents an accurate account of the source's assertions and does not necessarily reflect the position of MIL-OSI or its clients.