Russia’s central bank laid out a proposed framework that would legalize and regulate cryptocurrency trading for both individuals and institutions, continuing its softening stance toward cryptocurrencies. However, it continues to caution that investing in crypto carries risks, including potential losses.
“They are not issued or guaranteed by any jurisdiction and are subject to increased volatility and sanctions risks,” the central bank’s press release said. “When deciding to invest in crypto assets, investors should understand that they assume the risk of potential loss of their funds.”
The central bank also said that “digital currencies and stablecoins are recognized as monetary assets; they can be bought and sold, but they cannot be used for domestic payments.”
According to the proposal, “digital currencies and stablecoins are recognized as monetary assets; they can be bought and sold, but they cannot be used for domestic payments”.
The proposal follows months of reporting showing Russia moving toward broader crypto access under regulated conditions. Officials had previously acknowledged widespread crypto use and weighed bank involvement. The shift also comes amid growing signs that major Russian financial institutions are planning or seeking approval to offer spot crypto trading under the new framework.
Under the proposal, ordinary Russian citizens would be able to buy and sell cryptocurrencies through regulated platforms. Nonqualified investors could purchase up to 300,000 rubles (about $3,300) worth of crypto per intermediary each year, provided they pass a risk‑awareness test. Qualified investors could trade without volume caps but would also face a knowledge assessment. Privacy-focused cryptocurrencies that conceal transaction data would remain prohibited.
The framework grants legal status to crypto services offered by Russia’s existing financial firms, including exchanges, brokers and asset managers, if they operate under current licenses. It also paves the way for new rules governing digital asset custodians and wallet providers.
The proposal would also permit Russian residents to purchase crypto abroad using foreign accounts and later transfer those holdings to licensed domestic platforms, with mandatory tax reporting requirements, a reversal from the Bank of Russia’s previous stance. It also supports broader use of Russian-issued digital financial assets (DFAs), including their circulation on public networks and potential access for foreign investors.
