| Key Points:
– Bank of Russia proposed a three-year experimental program allowing select high-net-worth investors and financial institutions to trade cryptocurrencies under strict regulations. |
The Bank of Russia has proposed a three-year experimental program allowing select investors to trade cryptocurrencies under strict regulatory conditions.
The initiative, announced on March 12, aims to provide a controlled framework for digital asset investments while maintaining restrictions on broader crypto use.
Bank of Russia Launches Experimental Crypto Trading Program
Under the proposal, participation would be limited to “particularly qualified” investors. Eligibility criteria include holding investments exceeding 100 million rubles in securities and deposits or an annual income above 50 million rubles.
Corporate investors and financial organizations meeting regulatory standards would also be permitted to engage in cryptocurrency transactions. The central bank plans to introduce risk-based requirements for financial institutions investing in digital assets.
The Bank of Russia, following directives from President Vladimir Putin, intends to use the trial period to evaluate the impact of regulated cryptocurrency trading. However, the central bank reiterated its stance against cryptocurrencies as a means of payment because digital assets are highly volatile and lack backing from any jurisdiction.
While the program allows certain investors to trade digital assets, retail investors remain excluded. The Bank of Russia continues to oppose unrestricted crypto transactions and has proposed banning crypto settlements between residents outside the experimental framework. Penalties would be enforced for violations of these restrictions.
Additionally, the proposal permits qualified investors to engage in derivatives, securities, and digital financial assets tied to cryptocurrency values without direct crypto asset delivery.
Government Maintains Cautious Stance on Digital Assets
The global crypto landscape has been evolving throughout 2025, with several nations reassessing their policies. Russia’s initiative follows a broader trend of regulatory shifts, including significant policy changes in the United States. The experimental framework will allow Moscow to observe the effects of a structured legal and regulatory crypto environment before considering wider adoption.
Despite ongoing discussions, Russia’s Deputy Finance Minister Vladimir Kolychev has ruled out including cryptocurrencies in the National Wealth Fund (NWF). Speaking to local media, Kolychev emphasized that the Ministry of Finance has no plans to modify the NWF’s investment structure due to crypto’s high volatility.
Meanwhile, some Russian lawmakers have advocated for a strategic Bitcoin reserve to counter economic sanctions and inflation, arguing that digital assets could bolster financial stability amid geopolitical uncertainties.
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