Key Highlights:
- The Russian Ministry of Finance and the Central Bank are developing an Experimental Legal Regime (EPR) for crypto trading, limiting participation to “super-qualified” investors.
- While crypto use for foreign economic transactions is permitted within a special framework, domestic crypto payments remain prohibited.
- According to Forbes Russia, discussions are underway between the Finance Ministry and the Central Bank regarding the introduction of a regulatory framework for Russian crypto trading under an EPR.
Alexey Yakovlev, the Director of the Financial Policy Department at the Ministry of Finance, has confirmed that this initiative is designed to facilitate digital currency trading exclusively for “super-qualified” investors. However, the criteria for this classification are still being developed.
Russian Crypto Trading Under Review for Qualified Investors
Speaking at a forum organized by Expert RA, Yakovlev emphasized that the development of a regulatory framework for crypto trading is actively underway, rather than merely a proposal.
The “super-qualified” category is expected to encompass not only banks but also professional market participants and select individuals who meet rigorous financial qualifications. Presently, the minimum asset threshold for a qualified investor in Russia is set at 12 million rubles, which is expected to increase to 24 million rubles by January 1, 2026.
Yakovlev noted that the success of the initiative depends on three critical factors: the establishment of an experimental legal regime, the selection of highly qualified investors, and the mitigation of associated risks. Ongoing discussions between the Ministry of Finance, the Central Bank, and market participants are in the early stages, with an emphasis on ensuring security and safeguarding investors’ rights.
New Framework Facilitates Crypto Use for International Transactions
This move is part of broader regulatory changes in Russia’s cryptocurrency landscape. Since September 1, 2024, the Central Bank has been conducting an experimental program that allows participants in foreign economic activities to use cryptocurrency for payments under a special legislative framework.
Under this initiative, the Central Bank is responsible for setting the rules for crypto trading and establishing a cryptocurrency settlement operator based on the National Payment System. However, domestic cryptocurrency payments remain prohibited.
This shift toward crypto trading aligns with recent statements by Russian Finance Minister Anton Siluanov, who acknowledged that Russian companies have been utilizing Bitcoin and other cryptocurrencies for international transactions.
Legal Framework for Crypto Ownership and Mining
A law signed by President Vladimir Putin in 2024 legalized the ownership and mining of cryptocurrencies, though it imposed restrictions on their domestic use. This legal framework is part of Russia’s broader strategy to adapt to the economic challenges posed by Western sanctions.
Since the imposition of sanctions following Russia’s invasion of Ukraine, which resulted in the exclusion of Russian banks from the SWIFT international payment system, the country has sought alternative methods to facilitate cross-border transactions. Cryptocurrencies have emerged as one such solution.
President Putin has criticized the United States for weaponizing the dollar, and he sees cryptocurrency adoption as a potential means to bypass Western financial controls. However, this approach has generated debate, as it contrasts with the decentralized principles at the heart of Bitcoin and other digital assets.
