The Bank of Russia has prepared a concept for regulating the cryptocurrency market, which significantly expands the range of investors allowed to operate with digital assets. According to the document, both qualified and unqualified investors will be able to buy cryptocurrency legally, but different access conditions and limits will be set for each category.
Previously, the regulator consistently adhered to the position that cryptocurrencies are a high-risk financial instrument and should be available exclusively to qualified investors. However, the new concept captures a more flexible approach aimed at gradually "whitewashing" the market and reducing the share of unregulated operations.
Limited access is expected for unqualified investors. They will be able to purchase cryptocurrencies in the range of up to 300 thousand rubles per year through one intermediary. Access will be open only to the most liquid digital assets, while the specific list of such tools has not yet been disclosed in the document. A prerequisite will be passing a special test confirming an understanding of the risks.
Alexey Korolenko, executive director of the Cifra Markets crypto broker, believes that the range of available assets for unqualified investors will be limited to the largest and most stable market instruments.:
"There are a number of independent analytical services: CoinMarketCap, CoinGecko, which clearly broadcast the volume of liquidity and trading volume for each popular coin. The more platforms a coin is represented on, the more liquid it is. Naturally, stablecoins fall under these parameters anyway. Bitcoin and Ether are also two key coins that are widely represented on virtually all crypto platforms. I would suggest that at least the top 100 coins from CoinMarketCap should be available, including to unqualified investors."
Qualified investors, in turn, will have the right to purchase any crypto assets, with the exception of anonymous currencies that hide transaction information. Testing will also be provided for them, but without strict cost limits.
A separate block of the concept is devoted to infrastructure. Operations with cryptocurrencies are planned to be carried out through existing licensed financial market participants. Exchanges, brokers, and management companies will be able to operate under existing permits, while special requirements will be set for depositories and crypto exchanges.
Additionally, the regulator allows for the possibility of acquiring cryptocurrencies abroad using foreign accounts. Such assets may be transferred through foreign intermediaries, but all transactions will need to be notified to the tax authorities.
Evgeny Gordeev, Managing Partner of Russian Ventures and founder of DeCenter, believes that banks can play a key role in the new model.:
"According to the information I have, over the past few years, various banks and brokers have been actively consulting with the Federal Tax Service and the Central Bank on the topic of so-called "crypto licenses." Of course, we are talking about regulated large banks and brokers. All banks from the top 10 have long developed cryptotraders, which they either test or somehow use behind the scenes as part of cross-border payments. Therefore, the issue of providing these services to the mass market is just a matter of time."
Proposals on regulating the crypto market have already been sent to the government. It is expected that changes to the legislation will be prepared before July 1 next year, and from July 1, 2027, liability will be introduced for illegal activities of intermediaries in the crypto market, similar to illegal banking activities.
