Russia has been really worried about crypto for a time. In 2022 the government tried to stop people from mining, trading and using coins like bitcoin. The officials thought that crypto could cause problems, for the countrys money and make it less stable.. Now Russia is thinking about crypto in a different way. Russia used to believe that crypto was a threat. That is not how Russia sees crypto now.
Russia has come up with a plan that makes it okay to buy and sell crypto. This does not mean the government of Russia really believes in Bitcoin or other digital assets like Bitcoin. It means Russia accepts that crypto is here to stay and cannot be completely stopped. So of trying to ban crypto Russia now wants to have control, over crypto and the way people use crypto.
People can now buy crypto. There are a lot of rules they have to follow. The Bank of Russia is still really careful, about crypto. The Bank of Russia thinks crypto is not an idea because it is risky and unstable. Crypto is not supported by any country so its value can drop fast. The main thing to remember is that crypto is risky. You can buy crypto. Only if you know what you are getting into with crypto.
The new rules say that investors are divided into two groups. One group is made up of investors. These are people who have a lot of experience and a lot of money. Qualified investors will be able to buy cryptocurrencies and they can buy as much as they want.. First qualified investors have to take a test to show that they know what the risks of buying cryptocurrencies are. Even qualified investors are not allowed to buy coins.
The second group is people who invest in retail. These people have to follow a lot of rules. They need to take a test to see if they know what they are doing before they can invest. Even when they pass the test they can only buy an amount of crypto. They can only spend up to three hundred thousand rubles, on crypto each year. This means the government does not want retail investors to lose a lot of money. The government wants to protect investors from losing too much. Retail investors are basically people who want to invest their money.
The Bank of Russia is saying that crypto is still a risky thing. People who want to invest in crypto are being told that they might lose their money and it is their responsibility. The government is allowing crypto. They are still, in control of The Bank of Russia and crypto. The Bank of Russia and the government are watching crypto closely.
The central bank does not want to build a system. The central bank plans to use the structures that are already in place. The people who are in charge of money like brokers and investment managers can start offering crypto. They can do this because they already have permission to do things, with money. The only people who will have to follow rules are the ones who store crypto for other people.
Russians are also able to buy crypto through accounts that're not from their own country. The main thing they have to do is tell the tax people about the crypto they own. This way the government knows what is going on. Russians have a little bit of freedom to do what they want with crypto. Russians can still use crypto. They have to be honest with the government, about their crypto holdings.
The plan is also good for Digital Financial Assets. Digital Financial Assets are assets that are based on tokens. These Digital Financial Assets help Russian companies get investment from over the world. This is part of a plan to work with global capital without needing Western financial systems, for Digital Financial Assets.
The timeline is really strict. We have to finish the framework by July 2026. Then one year later in July 2027 the legal framework rules will start being enforced. If any broker does not follow the framework rules they could face criminal charges, similar, to what happens with illegal banking. The legal framework is very important. Brokers must follow the legal framework rules.
Russia is doing a couple of things at the time. They are making it easier for people to get to crypto linked funds.. They are also getting tougher on people who do illegal mining. This shows what Russia really wants. Russia wants control over crypto and crypto linked funds. This is about Russia having control not, about giving people freedom to use crypto and crypto linked funds.
Russia is not really excited about crypto. The country is creating a system that helps Russia itself. People can use crypto. Only if they follow a lot of rules. Russia wants to make sure it is in control of crypto, not the way around. Crypto, in Russia is only allowed if it serves Russias interests first.
In the end this shift shows realism not trust. Crypto is now legal in Russia but only for those who pass tests accept limits and follow state rules closely.
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