The Bank of Russia has proposed a three-year experimental legal framework that a limited group of investors would enable cryptocurrencies to trade, which marks a possible shift in the country’s digital assets.
The Central Bank announced on 12 March that it had submitted the Russian government for discussion to the Russian government. The initiative would give access to crypto -trading to investors who have at least $ 1.1 million in effects and deposits.
However, the proposal also includes penalties for violations of the experimental regime.
According to the statement:
“The Bank of Russia still does not consider Cryptocurrency as a payment resources. That is why it also proposes to introduce a ban on settlements between residents about transactions with cryptocurrency outside the experimental legal regime, and to hold liable for the violation of the prohibition. “
Despite the proposal, the position of the country in relation to digital assets remains restrictive. The Central Bank repeated that crypto payments in the retail trade remain prohibited, even if the proposed test progresses.
Russia prohibited crypto payments under the “on Digital Financial Assets” Act, which came into force in January 2021.
Market transparency and opportunities
The Bank of Russia said that the aim of the experimental program is to improve the transparency of the market and to determine regulatory standards for cryptocurrency service providers. It is also intended to expand investment options for experienced traders who are willing to accept increased financial risks.
The proposal also contains provisions to allow qualified financial institutions to participate in the test, which suggests that regulated companies can be allowed to invest in digital assets. This could pave the way for Russian companies to follow a Bitcoin accumulation strategy comparable to strategy (formerly micro strategy).
Under the proposed framework, direct crypto trade will be limited to selected investors. However, all qualified investors have access to derived financial instruments and effects linked to cryptocurrency values.
The proposal follows the continuous efforts of Russia to explore digital assets for international trade. In December 2024, Minister of Finance Anton Siluanov confirmed that the country had actively experimented with crypto transactions for foreign trade under a separate experimental legal regime implemented in September 2024.
The government must still formally approve the Bank of Russian proposal. If determined, the framework could mark an important step to integrate digital assets into the financial system of Russia while maintaining strict controls on domestic transactions.