The Bank of Russia shared details about its upcoming rules for cryptocurrencies. The authority intends to keep cryptocurrencies out of reach for most Russian citizens.
The Central Bank of Russia (CBR) will not prevent citizens from holding cryptocurrencies that have already been purchased or sold, but it intends to limit new purchases in the future. This was clarified by one of its senior executives, who detailed the regulatory body's new approach to the growing market in an interview with a leading Russian media outlet.
Moscow is preparing to comprehensively regulate the cryptocurrency sector in the country in the coming months, including introducing a licensing system for digital asset exchanges and determining who will be granted legal access to decentralized digital assets.
1. The Bank of Russia keeps ordinary citizens away from cryptocurrencies
The Central Bank of Russia plans to expand investors' access to cryptocurrencies, but it will nonetheless keep the majority of Russian citizens away from the crypto space.
The First Deputy Governor of the bank, Vladimir Chistyukhin, clarified that the bank's current goal is to support them in exiting cryptocurrencies rather than facilitating their participation.
Chistyukhin confirmed that the proposed rules will not stop people who want to exit the market, noting the following:
> 'If they have the status of a person who cannot conduct transactions with crypto assets, they will be able either to keep them or exchange them for fiat currency or other assets.'
> 'There are no planned restrictions on exiting crypto assets - neither in terms of time nor volume. Only new purchase transactions will be restricted.'
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The Central Bank of Russia is moving away from its previous concept that allowed only 'highly qualified investors' to invest in cryptocurrencies, but it is not ready to allow the general population access to crypto.
The more flexible rules, which may be adopted in 2026, are likely to grant access to the market to 'regular qualified investors' at most, who will still be subject to testing before being allowed to purchase cryptocurrencies. Approximately one million Russians may fall into this category, a small percentage of the total population.
2. Russia is considering licensing cryptocurrency exchanges
Chistyukhin warned that allowing unqualified investors into the market would require 'utmost caution,' but he kept the door open for this scenario, noting the increasing use of cryptocurrencies for payments amid sanctions that severely restrict Russia's access to traditional financial channels.
He explained: 'Of course, we want to protect Russian retail investors as much as possible from transactions involving such a risky asset. On the other hand, we understand that under current circumstances, in some cases, international payments can only be made using cryptocurrency.'
The Deputy Governor of the Bank of Russia emphasized that bringing the Russian cryptocurrency market out of the shadows is a priority, adding that his proposals are currently being discussed with other regulatory bodies in Moscow.
Cryptocurrency transactions are believed to be conducted primarily through established market players, and Russia already has the necessary infrastructure to work with cryptocurrencies. However, authorities still need to consider whether to classify cryptocurrency exchange offices as a unique category of industry participants and issue separate licenses for their activities.
3. Cryptocurrency regulations will be implemented in phases
The updated regulatory approach of the Bank of Russia envisions amending Russian laws in several stages to achieve comprehensive regulation ultimately.
Vladimir Chistyukhin explained: 'We are preparing proposals to amend the legislation, which include multiple transitional periods so that all participants have enough time to transition from the 'gray' area to the legal field and operate normally.'
Thus, it is likely that the law regulating cryptocurrency investments outside the current experimental legal framework will be adopted during the spring session of the Russian parliament, so that it can come into effect by the end of 2026.
After that, lawmakers will be able to proceed with enacting other necessary changes, such as introducing administrative and criminal liability for illegal cryptocurrency operations, which may come into effect in 2027.
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