The Central Bank of Russia has just proposed a three-year testing program to allow a group of wealthy investors to access cryptocurrency trading within a controlled legal framework. This is seen as a move to expand investment opportunities while maintaining strict control over the crypto market, especially since Russia still holds an opposing view on cryptocurrency as a means of payment.
Who Will Be Allowed to Participate?
Not everyone can participate in this testing program. The Central Bank #Nga sets strict conditions to determine 'specially qualified' investors:
Individuals must own at least 100 million rubles (equivalent to 1.14 million USD) in investments, or
Have an annual income exceeding 50 million rubles (approximately 570,000 USD).
Licensed investment financial organizations can also participate.
This means that retail investors will not be able to access the crypto market in the testing program; only the ultra-wealthy and financial organizations will be allowed to participate.
Objectives of the Experiment
The main purpose of this testing program is not to fully open up to crypto, but to:
Establishing standards for crypto-related services, making the market more transparent.
Expanding investment opportunities for individuals willing to accept high risks.
Preventing the use of cryptocurrency as a means of domestic payment.
The Central Bank of Russia continues to emphasize that crypto remains a high-risk asset, not protected by any country. Therefore, the government plans to ban cryptocurrency trading between Russian citizens outside the testing program and impose penalties for violations.
Not Only Crypto, But Also Derivative Investment Instruments
In addition to direct cryptocurrency trading, the testing program will also allow investors to access derivative financial products related to digital assets such as:
Securities linked to digital assets,
Derivative contracts based on crypto,
But excluding direct ownership of crypto.
This is a way for the government to control cash flow and prevent the use of crypto outside of pure investment purposes.
Russia and Crypto: A Complex Relationship
This latest proposal continues to reflect Russia's conflicting stance on crypto:
Last year, the State Duma passed two bills legalizing crypto mining and allowing cross-border payments in cryptocurrency in some experimental cases.
Russia is also accelerating the development of the digital ruble, aiming to implement it in retail and commerce this year.
After being economically sanctioned by the West due to the conflict with #ukraine , crypto has become one of the tools helping Russia evade financial sanctions.
As early as 2021, the Central Bank of Russia stated that the digital ruble could be a tool against Western sanctions.
Conclusion: Opening Opportunities or New Limits?
Testing crypto within a controlled legal framework could help Russia create a more transparent market, but it also raises many questions:
Does restricting crypto only to the ultra-wealthy undermine the fairness of the market?
Can crypto become an official investment channel in Russia, or will it still be viewed as a speculative asset?
What role will the digital ruble play in this strategy?
With the rapid changes in global cryptocurrency policy, Russia's decision could be a stepping stone for a domestic crypto ecosystem, but it could also just be an effort to maintain control in a rapidly developing market.
