A three-year experiment limited to large investors, while the ban on retail payments remains in place.
On March 12, the Bank of Russia announced a proposal to allow a limited number of investors to buy and sell cryptocurrencies, following President Vladimir Putin‘s directive to submit regulatory proposals for digital assets to the government. The central bank specified that only “highly qualified” investors would be eligible to participate in the experiment.
To support the initiative, the central bank proposed establishing a special legal experimental system (EPR) for a three-year period. Eligible investors must have deposits and securities exceeding 100 million rubles (approximately $11.5 million) or an annual income of more than 50 million rubles. Companies classified as investors under current regulations will also be allowed to participate.
This is not the first time Russia has explored the idea of controlled cryptocurrency trading. Alexey Guznov, Deputy Governor of the Bank of Russia, hinted in an interview last August at the possibility of granting selected investors access to crypto trading. The Russian Ministry of Finance has also confirmed that discussions on the experiment have been ongoing for months.
According to the central bank, the EPR will ensure transparency in cryptocurrency markets and establish standards for providing digital asset-related services. The system will expand investment opportunities in crypto for professional traders and qualified investors capable of managing the associated risks.
Despite opening trading to qualified investors, the announcement confirmed that the bank would not allow any retail payments in cryptocurrencies or transactions between individuals using digital assets. The bank proposed banning crypto transactions between investors outside the experiment and imposing penalties for violations. President Putin had already signed a law in 2022 prohibiting payments with digital assets.
Despite the recent proposal, the Russian Ministry of Finance confirmed that the country will not establish a national strategic reserve of bitcoin. On March 4, Deputy Finance Minister Vladimir Kolychev stated that the government has no plans to modify its National Wealth Fund, citing the high volatility of digital assets and arguing that the fund’s savings level does not allow for the inclusion of high-risk assets.
