Central Bank of Russia submits proposals for differentiated cryptocurrency access rules and a domestic payment ban

The Central Bank of Russia has devised a concept for regulating cryptocurrencies in Russia and sent proposals for legal amendments to the Government. The framework would allow both qualified and non-qualified investors to buy and sell cryptoassets, while prohibiting their use as a means of payment inside Russia and continuing to treat them as a high-risk instrument. Under the concept, digital currencies and stablecoins would be treated as currency assets. Non-qualified investors would be allowed to buy only the most liquid cryptocurrencies meeting statutory criteria, subject to a successful test and a limit of RUB 300,000 per year via one intermediary. Qualified investors would be able to transact in any cryptocurrencies except anonymous ones, with no transaction limits, but only after passing a risk-awareness test. Transactions would be conducted through existing licensed infrastructure (exchanges, brokers, and trustees), with additional requirements envisaged for specialised depositories and exchange offices dealing with cryptocurrencies. The concept would also require residents who purchase cryptoassets abroad and transfer previously acquired balances via Russian intermediaries abroad to report such transactions to tax authorities, and it would permit transactions in digital financial assets (DFAs) and other Russian utility and hybrid digital rights in open networks, enabling issuers to raise investment from abroad. The related legal framework is to be drafted before 1 July 2026. From 1 July 2027, the legislation is planned to introduce liability for intermediaries’ illicit cryptocurrency operations, similar to liability for illegal banking.