Bank of Russia Proposes Trial Framework for Cryptocurrency Transactions
The Bank of Russia has proposed allowing qualified individuals to trade cryptocurrencies under a three-year experimental legal framework.
The project has been submitted to the government for further discussion.
For individuals, this entails a high threshold: an annual income of 50 million rubles or investments in securities and deposits exceeding 100 million rubles.
Deputy Anton Gorelkin criticized the central bank’s proposal, accusing the regulator of effectively attempting to ban cryptocurrency circulation. According to him, the Bank of Russia proposes to limit access to transactions to “highly qualified investors” only.
Gorelkin stated that the 100 million ruble threshold turns the initiative into a discriminatory measure.
“This excludes the majority of Russian citizens from the cryptocurrency market,” he added.
The politician believes that an experimental legal framework for cryptocurrencies is the right decision, but it should ensure equal rights for all participants—both citizens and companies. He noted that only those who have violated Russian laws should be excluded from the trial framework.
Deputy Finance Minister Ivan Chebeskov stated that the Ministry of Finance participated in developing the Bank of Russia’s proposal for cryptocurrency transactions for qualified investors. He said this is another step towards the legalization of digital currencies in Russia.
According to the deputy, the Ministry of Finance and the central bank agreed that the project will be implemented within the experimental legal framework, which will be led by the regulator to ensure “everything is efficient and without any violations.”
Fedor Ivanov, Director of Analytics at “Shard,” considers this a positive signal. In his view, the regulator finally acknowledges the “need for liquidity” and the participation of multiple players for the system’s effective functioning. Ivanov emphasizes that banning the entire industry is practically impossible.
The expert notes that in the long term, access might be expanded through the development of new rules. This approach resembles the practice in Belarus and Kazakhstan, where cryptocurrencies circulate within special zones, although their use for trading by residents remains prohibited.
Ivanov also highlights issues that arose after Russia’s rating was downgraded following recommendations from FATF. Currently, users of local exchanges and exchangers lack legal protection, placing them in a vulnerable position.
He believes that a complete ban on cryptocurrencies is losing relevance, citing the experience of countries that are lifting such restrictions. For example, Bolivia has abandoned its limitations, while in Venezuela, Cuba, and Iran, cryptocurrencies are regulated and actively used.
The experiment will also include companies with the status of qualified investors under current laws and financial organizations that meet additional regulatory requirements.
The new initiative aims to make the cryptocurrency market more transparent, establish service provision standards, and expand opportunities for investors willing to engage with a risky asset, according to the Bank of Russia’s statement.
The regulator continues to insist that cryptocurrencies remain highly volatile and high-risk instruments, not tied to jurisdictions and lacking intrinsic value.
Outside the experimental framework, the use of cryptocurrencies as a means of payment between residents is expected to remain prohibited. Transactions outside the framework will be subject to administrative liability.
Qualified investors will be able to invest in financial instruments related to cryptocurrency, but not involving its actual delivery.
On March 11, the Bank of Russia canceled the issuance of structured bonds linked to a bitcoin ETF from “Finam” and “Rumberg Capital.”
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