Russia’s central bank laid out a proposed framework that would legalize and regulate cryptocurrency trading for both individuals and institutions, continuing its softening stance toward cryptocurrencies. However, it continues to warn that investing in crypto carries risks, including potential losses.
“They are not issued or guaranteed by any jurisdiction and are subject to increased volatility and sanction risks,” the central bank’s press release said. “When deciding to invest in cryptoassets, investors should understand that they assume the risk of potential loss of their funds.”
The central bank also said that “digital currencies and stablecoins are recognized as monetary assets; they can be bought and sold, but they cannot be used for domestic payments.”
According to the proposal, “digital currencies and stablecoins are recognized as monetary assets; they can be bought and sold, but they cannot be used for domestic payments”.
The proposal follows months of reporting showing that Russia is moving toward broader crypto access under regulated conditions. Officials had previously acknowledged widespread crypto use and weighed banking involvement. The shift also comes amid growing signs that major Russian financial institutions are planning or seeking approval to offer spot crypto trading under the new framework.
According to the proposal, ordinary Russian citizens will be able to buy and sell cryptocurrencies through regulated platforms. Non-qualified investors could buy up to 300,000 rubles (about $3,300) in crypto per intermediary every year, provided they pass a risk awareness test. Qualified investors could trade without volume caps, but would also face a knowledge assessment. Privacy-focused cryptocurrencies that hide transaction data remain banned.
The framework gives legal status to crypto services offered by Russia’s existing financial firms, including exchanges, brokers and asset managers, if they operate under current licenses. It also paves the way for new rules governing digital assets and wallet providers.
The proposal would also allow Russian residents to buy crypto abroad using foreign accounts and later transfer those holdings to licensed domestic platforms, with mandatory tax reporting requirements, a reversal from the Bank of Russia’s previous position. It also supports wider use of Russian-issued digital financial assets (DFAs), including their circulation on public networks and potential access for foreign investors.
