The Central Bank of Russia has published a revised classification for digital financial assets (DFAs) available to qualified and non-qualified investors, taking effect from 2026. The changes broaden the range of DFAs that non-qualified investors can buy while confining higher-risk instruments to qualified investors. Non-qualified investors will be able to freely purchase high credit quality DFAs with payouts independent of variable indicators, including debt DFAs. They will also be able to buy high-rated DFAs with returns linked to indicators such as inflation, the key rate, and prices for precious metals or stocks, subject to an annual limit of RUB 600,000, with some of these products required to provide capital protection. The annual limit calculation will allow additional purchases within a year up to the proceeds received when digital rights are redeemed or sold. The Bank of Russia Board of Directors will set the permissible rating levels for DFAs or their issuers. DFAs deemed to carry elevated risks will be available only to retail investors with qualified status, while legal entities will be able to acquire digital rights with almost no restrictions except for DFAs linked to securities intended only for qualified investors.
Central Bank of Russia 2025-12-29
Central Bank of Russia revises retail investor access rules for digital financial assets from 2026
The Central Bank of Russia has revised its classification for digital financial assets (DFAs), effective 2026, expanding access for non-qualified investors while restricting higher-risk instruments to qualified investors. Non-qualified investors can purchase high credit quality DFAs and high-rated DFAs linked to indicators like inflation, subject to an annual limit of RUB 600,000, with some requiring capital protection. The Bank of Russia Board of Directors will determine permissible rating levels, and elevated risk DFAs will remain exclusive to qualified investors.