Bank of Russia Publishes Rules for Purchasing Digital Financial Assets (DFAs) by 'Qualified' and 'Non-Qualified' Investors

RBK-cryptoPublicado em 2025-12-29Última atualização em 2025-12-29

Resumo

The Bank of Russia has announced new rules, effective from 2026, that will change the classification of digital financial assets (DFAs) available to qualified and non-qualified investors. Non-qualified investors will be allowed to freely purchase the most popular DFAs with payments not dependent on variable indicators, including debt assets. They will also gain access, within a limit of 600,000 rubles, to DFAs whose returns are linked to variables such as inflation, the key rate, or prices of precious metals and stocks. All such DFAs must carry a high credit rating, and some will require capital protection to guarantee the return of the initial investment. DFAs with higher risks will be restricted to qualified investors. Legal entities will be able to acquire digital rights with almost no limitations, except for DFAs tied to securities that are reserved for qualified investors. The announcement follows the central bank's earlier reveal of a concept for regulating the digital asset and cryptocurrency market, which is expected to be finalized by mid-2026. The concept proposes allowing the circulation of DFAs and other digital rights on open blockchain networks. This is intended to let issuers freely attract foreign investment and allow clients to purchase DFAs "on terms no worse than those for purchasing cryptocurrency." Regarding cryptocurrencies, the Bank of Russia's plan states that both qualified and non-qualified investors will be permitted to buy them, but each catego...

Starting from the new year of 2026, the classification of digital financial assets (DFAs) available to qualified and non-qualified investors will change, the Bank of Russia announced.

Non-qualified investors will be able to freely purchase the most popular DFAs, the payments for which do not depend on any variable indicators, including debt assets.

They will also have access, within the limit of 600 thousand rubles, to DFAs whose income depends on changes in indicators such as the inflation rate, key interest rate, prices of precious metals, or stocks.

Both categories of DFAs must have a high credit rating, and some of them must have capital protection, meaning they assume the return of the initial investment amount. The permissible rating levels of DFAs or their issuers will be established by a decision of the Board of Directors of the Bank of Russia.

DFAs with increased risks are permitted for purchase by retail investors only with 'qualified' status.

Legal entities will be able to acquire digital rights almost without restrictions. The exception will be DFAs linked to securities that are intended only for 'qualified' investors.

On December 23, the Bank of Russia announced the development of a concept for regulating the digital asset and cryptocurrency market, which is planned to be finalized by mid-2026. Regarding DFAs, the concept implies that their circulation, like that of other Russian digital rights (utility, hybrid), will be permitted in open blockchain networks. According to the regulator's plan, this will allow issuers to freely attract investments from abroad, and clients to purchase DFAs 'on terms no worse than purchasing cryptocurrency'.

As for cryptocurrencies themselves, according to the Central Bank's plan, with the introduction of regulation, both qualified and non-qualified investors will be able to purchase them, but each category will have its own rules and limitations.

Perguntas relacionadas

QWhat changes will occur in the classification of digital financial assets (DFAs) starting from 2026, according to the Bank of Russia?

AStarting from 2026, the classification of digital financial assets (DFAs) available to qualified and non-qualified investors will change. Non-qualified investors will be able to freely purchase the most popular DFAs with payments not dependent on variable indicators, including debt assets.

QWhat is the investment limit for non-qualified investors in DFAs whose returns depend on variables like inflation or stock prices?

ANon-qualified investors will have access to DFAs, whose returns depend on variables such as inflation, key rates, or stock prices, within a limit of 600,000 rubles.

QWhat are the requirements for the DFAs that will be available to non-qualified investors?

ABoth categories of DFAs available to non-qualified investors must have a high credit rating, and some must have capital protection, meaning a return of the initial investment. The acceptable credit rating levels will be set by the Bank of Russia's Board of Directors.

QHow will the purchase of DFAs be different for legal entities compared to retail investors?

ALegal entities will be able to acquire digital rights almost without restrictions, with the exception of DFAs tied to securities that are intended only for qualified investors.

QWhat is the broader regulatory concept the Bank of Russia is developing for the digital asset and cryptocurrency market?

AThe Bank of Russia is developing a concept for regulating the digital asset and cryptocurrency market, to be finalized by mid-2026. For DFAs, it proposes allowing their circulation, along with other Russian digital rights, on open blockchain networks to enable issuers to attract foreign investment and allow clients to buy DFAs on terms 'no worse than buying cryptocurrency'.

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