Russia’s apex bank is planning to allow a limited group of investors to legally trade cryptocurrency assets like Bitcoin (BTC).
The Bank of Russia made this known in a proposal submitted to the government today. In a press release, the bank emphasized that the new proposal aligns with President Vladimir Putin’s instructions, which directed the establishment of new regulations for crypto investments.
Bank of Russia to allow limited crypto purchases for investors. pic.twitter.com/2e8AbvysAQ
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3-Year Experimental Regime for Crypto Investment in Russia
Complying with the directive, the bank proposed a three-year experimental regime that will allow qualified investors to buy and sell cryptocurrencies.
Investors who wish to trade crypto assets within the experimental framework must possess securities investment worth over 100 million rubles ($1.15 million) or an annual income of 50 million rubles ($583,960).
Notably, eligibility also extends to companies that have already met existing qualification criteria under the current legislation.
Per the announcement, the regime, planned for three years, aims to enhance transparency within the country’s crypto market. It will also set service standards while expanding investment opportunities to only experienced investors prepared to bear the associated risks.
Bank of Russia Warns
The announcement highlighted the risks associated with crypto assets, noting that the emerging assets are inherently volatile. It added that they are not issued by any government worldwide, including Russia. Hence, participants must be cautious.
Despite the proposal, Russia’s apex bank clarified that cryptocurrencies are not a legal means of payment. It reiterates the prohibition on residents utilizing crypto for payments outside of the latest proposal, with penalties suggested.
It bears mentioning that Russia first banned crypto payments in 2021. President Putin followed through by signing a bill the following year, preventing residents from purchasing goods and services with crypto.
Despite this stringent measure, the country has been considering utilizing cryptocurrencies for cross-border settlements since 2022, with efforts intensifying last year.
Russia is not changing its stance on local crypto payments anytime soon, with its apex bank confirming they remain prohibited.
Meanwhile, the proposal suggests that qualified investors will be allowed to invest in financial instruments like derivatives and securities tied to the value of cryptocurrencies outside of the proposed experimental regime. At the moment, the Russian government has yet to decide whether to approve the new measure.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
