LDPR Calls for Not Banning Cryptocurrencies "Under a Far-Fetched Pretext"

RBK-cryptoPublished on 2025-12-11Last updated on 2025-12-11

Abstract

The Liberal Democratic Party of Russia (LDPR) has called for cryptocurrencies not to be banned "under a far-fetched pretext." Party leader Leonid Slutsky stated that cryptocurrencies should be legalized and regulated, framing the issue as one of technological and financial sovereignty. He argued it is impossible to "endlessly prohibit what the whole world is using" and that citizens should be provided with necessary tools for development. Meanwhile, the Central Bank of Russia (CBR) estimates there are about 1 million qualified investors in the country who could be permitted to trade cryptocurrencies after passing a test. The CBR proposes restricting non-qualified ordinary Russians from purchasing crypto to protect them from risks, though bans on holding or selling are not planned. The CBR reported an 18% decline in Russian transactions on foreign crypto exchanges in Q2 and Q3 of 2025 compared to the previous two quarters. The estimated monthly balance of Russians' funds on crypto exchanges fell by 20% to 933 billion rubles, and traffic from Russia to crypto platforms dropped by 28%. The regulator deems it crucial to legalize the crypto market but, according to First Deputy Chairman Vladimir Chistyukhin, also advocates for laws with strict restrictions and prohibitions to be adopted quickly.

The LDPR has called for not banning cryptocurrencies in Russia "under a far-fetched pretext." The party believes that cryptocurrencies should be legalized and regulated, stated LDPR Chairman Leonid Slutsky at the "All-Russian LDPR Rally 2025."

According to him, the LDPR proposes to start a dialogue on the legalization and reasonable regulation of digital assets, including cryptocurrencies. This is a matter of technological and financial sovereignty, Slutsky believes. He stated that it is impossible to "endlessly prohibit what the whole world is using."

"For development, we must already today provide our citizens with the necessary tools, not take them away under ill-conceived and far-fetched pretexts," wrote the head of the LDPR.

According to estimates by the Bank of Russia, there are about 1 million qualified investors in Russia who can try to pass testing to gain access to cryptocurrency operations. The Central Bank proposes to restrict ordinary Russians who are not "qualified investors" in the right to buy cryptocurrency to protect them from risks. Bans on storage and sale are not envisaged.

In its financial stability report for the second and third quarters of 2025, the Bank of Russia reported an 18% decrease in the volume of transactions by Russians on foreign cryptocurrency exchanges compared to the previous two quarters. According to the Central Bank's estimates, the average monthly amount of estimated balances of Russians on crypto exchanges decreased by 20% in ruble terms, to 933 billion rubles, and the volume of traffic from Russia to crypto platform websites fell by 28%, to 83.4 million visits.

The Central Bank now calls the whitening of the cryptocurrency market in Russia fundamentally important. According to First Deputy Chairman of the Bank of Russia Vladimir Chistyukhin, the regulator believes that laws for cryptocurrency operations, including strict restrictions and prohibitions, need to be adopted as quickly as possible.

In Belarus, access to the websites of major crypto exchanges has been restricted

Russia accounted for up to 31% of the traffic of the largest crypto exchanges in November

The Central Bank named Bitcoin the most loss-making asset for November when invested in rubles

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