Experts Clarify New Russian Central Bank Requirements for Digital Assets

The Bank of Russia has approved rules for the admission of foreign digital rights (FDR) to the Russian market. ForkLog sought explanations from experts.

According to the new criteria, certain stablecoins may fall under restrictions.

Only instruments similar to Russian DFA will be permitted. Assets linked to securities from unfriendly issuers are not allowed.

What Lawyers Say

According to Ignat Likhunov, founder of the legal agency Cartesius, there is no direct ban on ownership or P2P transactions for retail users — the regulator currently lacks the tools for complete control.

The expert noted that the measures aim to create a “safe” segment for institutional players with assets that meet Russian standards.

Despite formal restrictions, USDT remains a key tool for 80% of cross-border transactions in Russia, Likhunov noted. The Central Bank cannot completely halt its use due to the lack of a legal framework and resources for checks. If pressure increases, users will switch to decentralized stablecoins like DAI, the speaker believes.

“The new rules are more an attempt by the Central Bank to control the qualified investment segment than a real ‘hunt for crypto.’ For most users, little changes. […] In the near future, we expect significant lobbying by the Central Bank and related institutions to limit crypto circulation in Russia without the status of a qualified or super-qualified investor,” concluded the founder of Cartesius.

According to Andrey Tugarin, founder of the legal company GMT Legal, the restrictions are related to the introduction of the concept of “foreign digital rights” in the law. Authorities believe the new rules will help limit the circulation of instruments from countries not supporting Russia, the speaker noted.

Currently, these requirements only apply to Russian companies, but in practice, exchanges and exchangers with such status do not operate in the market. Their activities in Russia are not officially permitted, but not prohibited either — they exist in a “grey” zone, Tugarin explained.

He stated that USDT and other stablecoins will continue to be used in Russia after the new rules take effect. Restrictions may only impact the situation in the future if legal regulation of exchangers and exchanges begins.

In such a scenario, the market will see stablecoins linked to the currencies of friendly countries, or a Russian “stable coin” supported by the central bank, he concluded.

In April, Russian authorities announced the launch of a cryptocurrency exchange aimed at super-qualified investors.