Russia’s central bank signals shift toward retail crypto access

cointelegraphPublished on 2025-12-23Last updated on 2025-12-23

Abstract

Russia's central bank has proposed allowing both qualified and non-qualified investors to purchase certain cryptocurrencies, though with restrictions. Non-qualified investors would be limited to buying approved liquid cryptocurrencies up to 300,000 rubles ($3,834) per year after passing a knowledge test. Qualified investors gain broader access but are barred from privacy coins. The proposal also permits Russians to acquire crypto on foreign platforms and through foreign accounts, provided they report such transactions to tax authorities. While recognizing crypto as a tradable asset, the bank maintains that it cannot be used for domestic payments, in line with existing 2020 law. The move signals a shift toward regulated retail crypto access, though the central bank still considers cryptocurrencies high-risk.

The Bank of Russia put forward a policy proposal that would allow non-qualified investors to buy certain cryptocurrencies.

According to a Tuesday announcement, the central bank’s proposal would allow both qualified and non-qualified investors to buy most crypto, but with limitations.

Non-qualified investors would be limited to a yet-to-be-defined set of liquid crypto after passing a knowledge test, capped at 300,000 rubles ($3,834) a year. Qualified investors would gain broad market access excluding privacy coins, also subject to a knowledge test.

Russian residents will also be able to acquire crypto on foreign platforms, pay with foreign accounts, and transfer the resulting assets through Russian intermediaries. In such cases, they will be required to notify the tax service of those transactions.

The Bank of Russia, Moscow. Source: Ludvig14, CC BY-SA 4.0

Related: Belarus blocks Bybit, Bitget, OKX as Russia clamps down on crypto gray area

An anticipated change, broader than expected

The report follows a recent statement from the central bank’s first deputy governor, Vladimir Chistyukhin, who recently said that Russia was considering easing crypto rules.

He hinted at the potential removal of the requirement to meet the “super-qualified investor” criteria for buying and selling crypto with actual delivery.

The “super-qualified investor” category was introduced in late April, when Russia’s finance ministry and central bank launched a crypto exchange. This classification is defined by wealth and income thresholds of over 100 million rubles ($1.3 million) or an annual income of at least 50 million rubles.

Related: Here’s why Russia ranks highest in Europe for crypto adoption: Chainalysis

Open to, but not endorsing

The central bank said that it “continues to consider cryptocurrencies a high-risk instrument.”

The announcement also reiterates that — while stablecoins and cryptocurrencies are recognized as monetary assets that can be bought and sold — they cannot be used for domestic payments.

This follows the State Duma — Russia’s legislative body — passing a law in June 2020 that bans the use of cryptocurrencies as a payment method.

Under the proposal, crypto transactions will be available through exchanges, brokers and trustees operating through their existing licenses. Specialized depositories and exchanges that work with cryptocurrencies will be subject to separate requirements.

Related Questions

QWhat new policy did the Bank of Russia propose regarding cryptocurrency access for non-qualified investors?

AThe Bank of Russia proposed allowing non-qualified investors to purchase certain cryptocurrencies after passing a knowledge test, with an annual limit of 300,000 rubles ($3,834).

QWhat are the key differences in crypto access between qualified and non-qualified investors under the proposal?

ANon-qualified investors are limited to a defined set of liquid cryptocurrencies with an annual cap, while qualified investors gain broad market access excluding privacy coins, both subject to knowledge tests.

QHow can Russian residents acquire cryptocurrency from foreign platforms according to the announcement?

ARussian residents can acquire crypto on foreign platforms, pay with foreign accounts, and transfer assets through Russian intermediaries, but must notify the tax service of these transactions.

QWhat is the 'super-qualified investor' category mentioned in the article, and how might it change?

AThe 'super-qualified investor' category requires wealth over 100 million rubles or annual income of 50 million rubles. The central bank is considering removing this requirement for crypto transactions with actual delivery.

QWhat is the Bank of Russia's stance on using cryptocurrencies for domestic payments?

AThe Bank of Russia continues to view cryptocurrencies as high-risk instruments and maintains the ban on their use for domestic payments, as established by a 2020 law.

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