The Central Bank of Russia has issued a revised classification of digital financial assets (DFAs) available to qualified and non-qualified investors, to take effect from 2026. The changes broaden the types of DFAs that non-qualified investors can buy, while reserving higher-risk instruments for qualified retail investors. Non-qualified investors will be able to freely purchase DFAs with payouts that do not depend on variable indicators, including debt assets, provided the DFAs are of high credit quality. They will also be able to buy DFAs whose returns are linked to “understandable” indicators such as inflation, the key rate, and prices for precious metals or stocks, subject to an annual limit of RUB 600,000 and a high credit rating, with some instruments also required to provide capital protection. The annual limit calculation will be updated so that if digital rights are redeemed or sold within a year, the investor may buy additional DFAs up to the amount of proceeds received. Permissible rating levels for DFAs or their issuers will be set by a decision of the Bank of Russia Board of Directors. Legal entities will be able to acquire digital rights with almost no restrictions, except for DFAs linked to securities that are intended for qualified investors only.
Central Bank of Russia 2025-12-29
Central Bank of Russia revises investor access rules for digital financial assets from 2026
The Central Bank of Russia has revised its classification of digital financial assets (DFAs) for qualified and non-qualified investors, effective 2026. Non-qualified investors can purchase DFAs with stable payouts and high credit quality, subject to an annual limit of RUB 600,000, while higher-risk instruments are reserved for qualified investors. Legal entities face minimal restrictions, except for DFAs linked to securities intended solely for qualified investors.