Russia’s central bank has submitted draft that would allow non-qualified investors to purchase crypto, but only under strict conditions.
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The Bank of Russia put forward a policy proposal that would allow non-qualified investors to buy certain cryptocurrencies.
According to a Tuesday , the central bank’s proposal would allow both qualified and non-qualified investors to buy most crypto, but with limitations.
Non-qualified investors would be limited to a yet-to-be-defined set of liquid crypto after passing a knowledge test, capped at 300,000 rubles ($3,834) a year. Qualified investors would gain broad market access excluding privacy coins, also subject to a knowledge test.
Russian residents will also be able to acquire crypto on foreign platforms, pay with foreign accounts, and transfer the resulting assets through Russian intermediaries. In such cases, they will be required to notify the tax service of those transactions.
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An anticipated change, broader than expected
The report follows a recent statement from the central bank’s first deputy governor, Vladimir Chistyukhin, who recently said that Russia was .
He hinted at the potential removal of the requirement to meet the “super-qualified investor” criteria for buying and selling crypto with actual delivery.
The “super-qualified investor” category was introduced in late April, when Russia’s finance ministry and central bank launched. This classification is defined by wealth and income thresholds of over 100 million rubles ($1.3 million) or an annual income of at least 50 million rubles.
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Open to, but not endorsing
The central bank said that it “continues to consider cryptocurrencies a high-risk instrument.”
The announcement also reiterates that — while stablecoins and cryptocurrencies are recognized as monetary assets that can be bought and sold — they cannot be used for domestic payments.
This follows the State Duma — Russia’s legislative body — passing a law in June 2020 that bans the .
Under the proposal, crypto transactions will be available through exchanges, brokers and trustees operating through their existing licenses. Specialized depositories and exchanges that work with cryptocurrencies will be subject to separate requirements.
