Russia to recognise crypto as ’currency assets’ and open market to retail investors
The Bank of Russia (CBR) has published a regulatory concept that would recognise cryptocurrencies (e.g., BTC) and stablecoins (e.g., USDT) as "currency assets" and permit trading by both qualified and non‑qualified investors through licensed Russian intermediaries. Retail investors would be restricted to the most liquid coins, must pass a risk-awareness test and face an annual purchase cap of 300,000 rubles (~$3,800) per intermediary. Qualified (professional) investors would have broader access with no purchase caps but would be barred from buying anonymous coins and would also undergo testing. Crypto would remain banned as a means of domestic payment. The CBR plans to channel activity through existing licensed infrastructure—banks, exchanges, brokers and trustees—while adding specialised requirements for crypto depositories and exchange platforms. The proposal allows digital financial assets (DFAs) and certain Russian digital rights to circulate on public blockchains to attract foreign capital, and permits residents to acquire crypto abroad and export previously held crypto via intermediaries with tax notification. Draft legislation is targeted by July 1, 2026, with liability rules for intermediaries over illegal services to take effect by July 1, 2027; both require government and parliamentary approval. The move marks a notable policy shift from prior restrictions and follows 2024–2025 steps such as legalising mining and limited foreign-trade crypto pilots. Key implications for traders: increased onshore market access could boost liquidity for major coins traded in Russia, but caps on retail purchases, continued payment bans, strict KYC/anti-anonymity rules and timelines for phased implementation limit immediate market disruption. Primary keywords: Bank of Russia, Russia crypto regulation, retail crypto access, stablecoins, digital financial assets.
Neutral
The proposal increases regulated onshore access to major cryptocurrencies, which should support liquidity and clearer legal pathways for trading—factors that are broadly positive. However, strict retail caps (300,000 rubles/year per intermediary), mandatory testing, prohibition on anonymous coins, continued ban on domestic payments, and a phased implementation through 2026–2027 materially limit immediate demand and use cases. These constraints reduce the likelihood of a sharp, sustained price rally tied solely to this news. Short-term impact: muted — some local trading volumes may rise as intermediaries prepare, but retail caps and KYC slow material inflows. Long-term impact: cautiously constructive — if enacted, recognition as "currency assets" and permissive DFA rules for public blockchains could attract institutional and foreign capital, improving market depth and lending credibility, which is supportive for major coins. Overall, the mixed signal—market opening but with tight limits and timelines—results in a neutral net price expectation for the mentioned cryptocurrencies.