The Central Bank has developed a concept for regulating cryptocurrencies in the Russian market

The Central Bank of Russia has introduced a concept for regulating cryptocurrencies in the domestic market, offering to allow both qualified and unskilled investors to purchase them, but with significant restrictions. This was announced on December 23 by the press service of the regulator.

"The Bank of Russia has prepared a concept for regulating cryptocurrencies in the Russian market. Both qualified and unqualified investors will be able to purchase crypto assets, but each category will have its own rules. The Bank of Russia has sent proposals to amend the legislation to the government for consideration," the message on the Central Bank's website says.

According to the concept, digital currencies and stablecoins (cryptocurrencies with a linked exchange rate) are recognized as currency values — they can be bought and sold, but it is forbidden to use them for payments within the country. The regulator still considers crypto assets to be a "high-risk instrument" due to the lack of guarantees, high volatility and sanctions risks.

Strict limits will be set for unqualified investors: they will be able to purchase only the most liquid cryptocurrencies after passing the test and within the limit — no more than 300 thousand rubles per year through one intermediary. Qualified investors will have access to any cryptocurrencies, except anonymous ones, also after verifying their knowledge of the risks, but without restrictions on the amounts.

Operations with cryptocurrency can be carried out through the existing infrastructure — exchanges, brokers and trust managers based on valid licenses, the Central Bank notes. At the same time, residents will be allowed to buy crypto assets abroad from foreign accounts and transfer them through Russian intermediaries abroad with mandatory notification to the tax service.

The concept also affects the digital financial assets (CFAs) market, allowing their circulation in open networks to attract foreign investment. The preparation of the legislative framework should be completed by July 1, 2026, and from July 1, 2027, it is planned to introduce responsibility for illegal activities of intermediaries in the cryptocurrency market by analogy with responsibility for illegal banking activities.

Figure of the day: the volume of trading in crypto futures on the Moscow Stock Exchange has reached a record

This is the absolute maximum since the launch of the contracts.

The head of the Central Bank, Elvira Nabiullina, said on December 19 that mining cryptocurrencies is one of the additional factors contributing to the strengthening of the ruble. She explained that much of this activity remains opaque, making it difficult to accurately assess her contribution.

Vasily Girya, CEO of GIS Mining, said in an interview with Izvestia on December 15 that during the second week of December, the bitcoin exchange rate showed sideways dynamics in a narrow range from $87.5 thousand to $94.5 thousand. According to the expert, the fundamental factors for bitcoin remain mixed. On the one hand, the supply of BTC on exchanges continues to decrease — more than 400 thousand coins were withdrawn during the year, and Strategy increased its strategic reserve to 660,624 bitcoins. Inflows into spot exchange-traded funds (ETFs) have resumed, but retail investor activity remains weak.

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