Russia mulls easing investor access to cryptocurrencies

Financial regulators in the Russian Federation are set to scrap a strict rule that requires investors to be “highly qualified” to gain access to crypto assets.

Russian cryptocurrency investments are still limited by an “experimental” framework, but the country intends to properly regulate the market in the coming months.

Russia mulls easing investor access to cryptocurrencies

The Ministry of Finance (Minfin) and the Central Bank of Russia (CBR) are preparing to abandon the current regulatory concept that allows only a limited number of professional investors to acquire decentralized digital currencies and derivatives based on them.

Only “highly qualified” investors can now buy and sell crypto assets. This includes both legal entities and private individuals, but citizens who want to obtain the status need to meet certain minimums in terms of income and previous investments.

The thresholds are as follows: at least 100 million rubles in bank deposits and securities and proven income from the past year of more than 50 million rubles (approx. $1.2 million and $600,000, respectively).

The high-income Russians, privileged to touch crypto without breaking the law, are commonly called “superquals” in Russian.

Speaking to journalists on Tuesday, Deputy Finance Minister Ivan Chebeskov stated:

“Superquals was the original concept. I think we’re generally moving away from it.”

The Minfin official remarked that investors may still be subject to “some grading,” but declined to comment in details, noting “this is the key point of the discussion” with the CBR.

At the same time, Chebeskov emphasized, quoted by the Interfax news agency:

“Overall, we have reached consensus with the Central Bank on most issues. We are very pleased that we are moving forward, and the goal is to move forward quickly.”

The high-ranking representative of Treasury pointed out that talks are now focused on how and for whom to enable transactions with digital currencies.

“We certainly believe there should be restrictions,” Chebeskov remarked, elaborating that the regulatory bodies are configuring them for non-qualified, qualified and highly qualified investors.

Wind of change is blowing in Moscow

Despite maintaining a persistent opposition against permitting the free circulation of cryptocurrencies like Bitcoin in the nation’s economy, the Bank of Russia indicated earlier this year it’s ready to soften its stance to a certain degree.

In March, the monetary authority submitted a proposal to the federal government to allow crypto transactions within a special “experimental legal regime” (ELR).

The arrangement gives Russian companies the opportunity to use digital coins in cross-border settlements, which have been made very difficult by Western sanctions imposed over Moscow’s invasion of Ukraine.

It also suggested allowing the category of “highly qualified” investors to acquire the digital assets. Then, in May, the central bank authorized financial firms to offer crypto derivatives to the same group of professional investors.

The products that are currently available on the domestic market track the performance of foreign funds investing in cryptocurrencies as well as crypto indices.

Last week, sources from the industry told the Russian business news outlet RBC that the regulator now wants to let brokers, management firms, and exchanges offer derivative financial instruments directly linked to the underlying digital assets. A representative of the central bank confirmed the news.

Earlier in November, a top CBR executive revealed the authority also plans to allow investment funds to acquire crypto derivatives next year, as soon as it amends existing regulations governing their activities.

In October, the Bank of Russia announced it’s going to permit Russian banks to work with cryptocurrencies under a separate set of rules. It also made it clear it expects lawmakers to adopt new legislation comprehensively regulating crypto investments beyond the ELR in 2026.

Its Governor, Elvira Nabiullina, highlighted that the new regulations will not need the experimental legal regime. She also said her institution was ready to consider allowing other investors, besides the superquals, to trade crypto, as long as their awareness about the associated risks is tested.

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