Russia’s Central Bank Signals Shift Toward Retail Crypto Access
The Bank of Russia has proposed allowing both qualified and non-qualified investors to purchase certain cryptocurrencies, with restrictions. Non-qualified investors may access a list of liquid cryptocurrencies after passing a knowledge test, with annual purchases capped at 300,000 rubles ($3,834). Qualified investors, also subject to a knowledge test, gain broader market access except for privacy coins. Russian residents could buy crypto on foreign platforms, pay via foreign accounts, and transfer assets through Russian intermediaries, but must notify tax authorities of such transactions. The policy could remove the stringent “super-qualified investor” requirement, making crypto markets more accessible. Despite increased access, the central bank maintains cryptocurrencies are high-risk and reiterates a ban on their use for domestic payments. Transactions will be facilitated via licensed exchanges, brokers, and trustees, with dedicated requirements for crypto-specific depositories and exchanges.
