Bank Proposes Legalizing Crypto Trading for Select Investors

The Bank of Russia is considering a three-year experimental regime to allow certain Russian investors to trade cryptocurrencies.

On March 12, the Bank of Russia announced a proposal to permit a “limited circle of Russian investors” to buy and sell cryptocurrencies such as Bitcoin.

The announcement stated, “In accordance with the instructions of the President of Russia, the Bank of Russia has sent proposals to the government for discussion on regulating investments in cryptocurrencies.”

The Bank proposed legalizing crypto trading for investors who hold at least $1.1 million in securities and deposits, while also suggesting penalties for violations of the experimental regime.

Bank Continues to Ban Retail Crypto Payments

Retail crypto payments remain strictly prohibited. The Bank reiterated that other residents are not allowed to make payments using cryptocurrencies.

The ban on using cryptocurrencies like Bitcoin for payments was part of Russia’s first crypto law, “On Digital Financial Assets,” which came into force in January 2021. In the new proposal, the Bank of Russia stated:

“The Bank of Russia still does not consider cryptocurrency as a means of payment. Therefore, it proposes to also introduce a ban on settlements between residents on transactions with cryptocurrency outside the experimental legal regime, as well as establish liability for violating the ban.”

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