Russia Opens the Door to Bitcoin and Crypto for Retail Investors

The Bank of Russia has set out a new framework to regulate cryptocurrencies, proposing tiered access that would allow everyday investors to buy digital assets alongside professional market participants, while maintaining tight controls on risk and usage.

In a concept paper released Tuesday and submitted to the government for review, the central bank said both qualified and non-qualified investors would be permitted to acquire crypto assets, but under different rules, limits and testing requirements. 

The move marks another step in Russia’s gradual shift toward accommodating digital assets as sanctions reshape financial flows and market infrastructure.

Earlier this year, the Bank of Russia moved to allow domestic banks to conduct limited crypto operations under strict oversight. First Deputy Chairman Vladimir Chistyukhin said the central bank, while maintaining a conservative stance on assets like bitcoin, no longer sees a justification for fully excluding banks from such activity. 

It was also reported that Russia was using bitcoin to settle some oil trades with China and India, routing payments through intermediaries to bypass Western sanctions. 

So with that said, the current proposal maintains the central bank’s long-standing caution toward cryptocurrencies, which it continues to classify as high-risk instruments. 

The Bank of Russia warned that crypto assets are not issued or guaranteed by any jurisdiction, are subject to sharp price swings, and carry elevated sanctions and operational risks. Investors, it said, must fully accept the possibility of losing their funds.

A $3,800 cap for Russia’s retail investors

Under the framework, non-qualified, or retail, investors would be allowed to purchase only the most liquid cryptocurrencies, based on criteria to be defined in legislation. 

Access would be conditional on passing a knowledge test, and purchases would be capped at 300,000 rubles (around $3,800) per year through a single intermediary.

Qualified investors would face fewer constraints. They would be permitted to buy any cryptocurrency without transaction limits, provided they pass a test confirming their understanding of the risks. However, anonymous cryptocurrencies—defined as tokens whose smart contracts conceal information about transaction recipients—would remain off-limits.

Digital currencies and stablecoins would be formally recognized as monetary assets under the proposal, meaning they could be bought and sold. 

Their use as a means of domestic payment within Russia would remain forbidden, reinforcing the central bank’s position that crypto should not function as an alternative to the ruble in everyday transactions.

Cryptocurrency trading would take place through existing licensed infrastructure. Exchanges, brokers and trustees would be able to offer crypto services under their current authorizations, while additional requirements would apply to specialized crypto depositories and exchangers.

The framework also allows Russian residents to buy cryptocurrencies abroad using foreign accounts and to transfer previously acquired crypto overseas through Russian intermediaries. Such transactions would require notification to the tax authorities.

Beyond cryptocurrencies, the proposal extends to digital financial assets (DFAs) and other Russian digital rights, including utilitarian and hybrid instruments. Their circulation on open networks would be permitted, a move intended to help issuers attract foreign investment and give investors access to DFAs on terms comparable to crypto assets.

The Bank of Russia aims to complete the legislative framework by July 1, 2026. From July 1, 2027, it plans to introduce liability for illegal activity by crypto intermediaries, aligned with penalties for illegal banking operations.

At the time of writing, Bitcoin is trading at $87,555, with a 24-hour trading volume of $47 billion, down 3% over the past day.

The price stood about 3% below its seven-day high of $90,069 and roughly 1% above its seven-day low of $87,096. Bitcoin’s circulating supply was 19,965,971 coins out of a maximum supply of 21 million, giving the network a global market capitalization of about $1.75 trillion, down 3% from 24 hours earlier.