Market Opening Under Regulation for the Economic Elite
The Central Bank of the Russian Federation has submitted a new proposal to the government, allowing individuals and companies meeting specific criteria to participate in a three-year experimental program for cryptocurrency trading.
According to a statement released by the central bank on Wednesday, "qualified" investors include those who:
- Hold securities or deposits worth at least 100 million rubles (approx. $11.5 million), or
- Earned an income exceeding 50 million rubles (approx. $5.7 million) in the previous year.
Additionally, companies complying with existing regulations may join the program. The central bank emphasized that strict regulatory requirements will be imposed on financial institutions participating in the initiative.
State Control Over Crypto
The pilot program aims to enhance transparency in the crypto market, establish service standards, and broaden opportunities for experienced investors. While Russia has historically approached cryptocurrencies cautiously, this move signals potential openness toward digital assets.
Notably, President Vladimir Putin outlawed cryptocurrency payments in 2022, and the new program does not legitimize crypto as an official payment method. The central bank clarified that cryptocurrency transactions will remain prohibited for non-participants, with strict penalties for violators.
Alternative Financial Channels to Bypass Sanctions
In recent years, Russia has increasingly turned to cryptocurrencies, particularly to circumvent U.S. and EU sanctions. Chainalysis reported last year that the Central Bank of Russia (CBR) is actively developing a financial infrastructure to enable crypto usage in international trade while evading Western restrictions.
Though the current proposal targets a limited pool of investors, it marks a significant step toward Russia’s integration into the crypto market. The central bank likely seeks to create a controlled yet functional crypto ecosystem aligned with state interests. The goal is not full liberalization but building a regulated framework to bolster the Russian economy and mitigate the impact of Western sanctions.
