Key Points:
- The Russian Finance Ministry and Central Bank are developing an EPR for Russian crypto trading, allowing only “super-qualified” investors to participate.
- Russia has permitted crypto use for foreign economic activities under a special framework, but domestic crypto payments remain banned.
According to Forbes Russia, the Russian Finance Ministry and the Central Bank are actively discussing the introduction of Rusian crypto trading under an Experimental Legal Regime (EPR).
Alexey Yakovlev, Director of the Financial Policy Department at the Finance Ministry, confirmed that the initiative aims to facilitate trading for “super-qualified” investors, though the specific criteria for this classification are still under development.
Russian Crypto Trading Under Review For Super-qualified Investors
Speaking at a forum of asset management market leaders organized by Expert RA, Yakovlev emphasized that digital currency trading is not merely a proposal but a task being actively pursued.
“We hope that it will be implemented in the near future – most likely in the format of an experimental legal regime,” he stated.
The”super-qualified” group is expected to include not just banks but also professional market participants and select individuals meeting stringent financial qualifications. Currently, the property qualification for a qualified investor in Russia stands at 12 million rubles, set to rise to 24 million rubles by January 1, 2026.
Yakovlev highlighted that the initiative’s success hinges on three key factors: the establishment of an experimental legal regime, the selection of highly qualified investors, and the mitigation of associated risks. Discussions between the Finance Ministry, the Central Bank, and market participants remain in the early stages, with a focus on ensuring security and protecting investors’ rights.
The move aligns with broader regulatory shifts in Russian crypto trading landscape. Since September 1, 2024, the Central Bank has been conducting an experiment permitting participants in foreign economic activities to settle payments in cryptocurrency under a special legislative framework.
New Framework Allows Crypto Use for International Transactions
The initiative allows the Central Bank to set trading rules and establish a cryptocurrency settlement operator based on the National Payment System. However, the domestic use of digital currencies for payments remains prohibited.
The push for Russian crypto trading follows recent acknowledgments by Finance Minister Anton Siluanov that Russian firms have been using Bitcoin and other cryptocurrencies for international transactions.
A law signed by President Vladimir Putin last year legalized the ownership and mining of cryptocurrencies but maintained restrictions on domestic usage.
Russia’s pivot toward digital currencies comes in response to Western sanctions imposed following its invasion of Ukraine. These sanctions excluded Russian banks from the SWIFT international payment system, severely hampering their ability to process cross-border transactions.
Consequently, Russia has explored alternative payment mechanisms, including the use of cryptocurrencies, to circumvent financial restrictions.
Putin has accused the United States of weaponizing the dollar, arguing that cryptocurrency adoption offers a means to bypass Western financial controls. However, this strategy has sparked debate, as it contradicts the core decentralized philosophy behind Bitcoin and other digital assets.
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