Russia is reportedly preparing to allow retail investors access to cryptocurrencies, with a new bill slated for introduction to the country's legislature soon. Anatoly Aksakov, chair of the State Duma’s Financial Market Committee, stated that legislation to deregulate crypto is ready to be introduced with the goal of normalizing the asset for everyday use, as reported by the state-owned news agency TASS on Tuesday.
"A lot of attention will be paid to the development of digital financial assets, and we will devote a lot of time to cryptocurrencies in the upcoming spring session," Aksakov said. He further elaborated, "A bill has already been prepared that removes cryptocurrencies from special financial regulation, that is, they will be a common occurrence in our lives."
This proposed bill follows a policy proposal put forward by the Bank of Russia in December, which suggested allowing non-qualified investors to purchase certain cryptocurrencies. This represents a shift from a previous stance where a complete ban on crypto was considered.
Bill Allows Non-Qualified Investors Limited Access
According to Aksakov, the legislation will grant limited access to crypto for so-called unqualified investors, such as retail traders, with a cap set at 300,000 rubles (approximately $3,800). He also noted that "professional participants" who can meet income and knowledge or education criteria would be permitted to trade in crypto without any restrictions.
"Cryptocurrencies can be actively used for international payments, including in order to further place them on the financial markets of other countries when issuing them here," Aksakov added.
Currently, cryptocurrencies are recognized as property in Russia, and their use for payments is prohibited. However, many Russian individuals and companies have been utilizing crypto for international money transfers, a trend that has seen an increase since 2022 amidst sanctions imposed on the country following its invasion of Ukraine.
Crypto Exchanges Could Also See Regulations
Crypto exchanges operating in Russia may also be subject to a regulatory overhaul. Local news agency Interfax reported on Wednesday that Anton Gorelkin, the chair of the State Duma’s Technologies Committee, is advocating for new rules. Gorelkin stated on a Telegram channel that scammers are exploiting exchanges based in neighboring Belarus when targeting Russian citizens, which complicates tracking efforts by authorities.
"This in particular is why it is necessary to bring order to crypto exchanges, to create conditions for their legal activity on Russian territory," Gorelkin commented.
Exchanges currently operate without regulation in Russia, and many platforms departed the country due to sanctions. This has led locals to rely on informal peer-to-peer services or exchanges located outside of Russia. The Bank of Russia previously relaxed crypto transaction rules for businesses in late 2024, and its December proposal outlined rules for how exchanges, brokers, and trusts could manage cryptocurrencies.