Bank of Russia Plans to Permit Crypto Investments For Affluent Investors

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Key Takeaways:

The Bank of Russia is also proposing a narrow three-year experimental phase of allowing some wealthy investors to trade cryptocurrencies.
If adopted, the proposal would help promote transparency and set guidelines for crypto service providers in Russia.
Retail crypto payments will still be banned in the country, despite this move.

Today, the Bank of Russia is considering a three-year pilot program that may allow certain Russian investors to trading cryptocurrencies. This is a cautious yet profound change in the way the country approaches the world of digital assets.

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Crypto Trading Pilot Program for Eligible Tokens

On March 12, 2025, the Bank of Russia declared that it submitted proposals to the government for the regulation of cryptocurrency investments based on special instructions issued by the President. At the heart of the proposal is allowing a “limited circle of Russian investors” to purchase and sell cryptocurrencies including Bitcoin (BTC).

To qualify, investors must own at least $1.1 million of securities and deposits. This restriction aligns with the goal of limiting exposure to those who can afford the risks inherent in crypto assets. The proposal would also include possible penalties if the experimental legal architecture is violated.

Bank of Russia

Retail Crypto Still Banned by Bank of Russia

Although allowing wealthy individuals to invest in crypto, the central bank has not changed its firmly anti-cryptocurrency position towards everyday transactions. The Bank of Russia has once again stated that payments in crypto cannot be made by other residents.

The ban on crypto payments stems from Russia’s initial crypto law, titled “On Digital Financial Assets,” which went into effect in January 2021. The Bank of Russia stresses that it “still does not consider cryptocurrency as a means of payment.” As a result, the proposal defines a blanket ban on settlements between residents that involve crypto outside the experimental legal framework, with fines for violators.

While domestic restrictions exist, Russia has been open to cross-border crypto settlements since at least 2022. In December 2024, Finance Minister Anton Siluanov confirmed that Russia had been actively testing crypto for international trade under existing legislation.

What the Bank of Russia Says on the Regulatory Change

According to the Bank of Russia, the new approach is motivated by the necessity to improve transparency in the domestic cryptocurrency market. The move is intended to create clear standards for service providers of crypto assets operating in Russia. It also aims to expand investment opportunities for experienced investors willing to take the risk that comes with it.

On numerous occasions, the Bank of Russia has voiced its concern regarding the highly volatile nature of cryptocurrencies and their lack of jurisdictional guarantees. They warn that investors “should be aware that they are taking on the risks of potential loss of their funds.”

The Bank of Russia will Hunt for Its Own “MicroStrategy”

Also, the proposal looks to allow qualified companies to be part of this experimental regime. For financial institutions interested in crypto investments, the Bank of Russia says it will “establish regulatory requirements taking into account the level and nature of the risks of such an asset”.

This paves the way for the emergence of a potential “Russian MicroStrategy”—a company that strategically holds Bitcoin as a reserve asset. By August 2020, Michael Saylor’s MicroStrategy became one of the first listed companies to adopt Bitcoin’s digital currency, and with that, other companies began adopting this strategy, including Elon Musk’s Tesla, Japan’s Metaplanet, and Brazilian fintech Meliuz.

Russia’s 7 largest companies by market cap. Source: CompaniesMarketCap

The central bank has also clarified that investors who do not qualify for the experimental regime can still access derivative financial instruments, including securities and digital financial assets linked to the value of cryptocurrencies.

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The Bank of Russia’s proposal is a nuanced approach to cryptocurrencies. It has, however, been mindful of the risks, and recognises the potential of crypto as an investment asset — for sophisticated investors. This experimental regime will be closely monitored, and its outcome could significantly influence Russia’s long-term stance on digital currencies.