Bank of Russia Allows Crypto Investments for Wealthy Investors

The Bank of Russia has proposed a significant shift in its stance on cryptocurrencies, announcing plans to permit crypto investments for affluent investors. This move, part of a three-year experimental phase, aims to promote transparency and set guidelines for crypto service providers in the country. The proposal, submitted to the government on March 12, 2025, allows a select group of wealthy investors to trade cryptocurrencies, including Bitcoin. To qualify, investors must own at least $1.1 million in securities and deposits, aligning with the goal of limiting exposure to those who can afford the risks inherent in crypto assets. The proposal also includes possible penalties for violations of the experimental legal framework.

Despite this shift, the Bank of Russia maintains a firm anti-cryptocurrency position towards everyday transactions. Retail crypto payments remain banned, as stated in Russia’s initial crypto law, “On Digital Financial Assets,” which went into effect in January 2021. The central bank emphasizes that it does not consider cryptocurrency a means of payment, resulting in a blanket ban on settlements involving crypto outside the experimental legal framework, with fines for violators. However, Russia has been open to cross-border crypto settlements since at least 2022, with Finance Minister Anton Siluanov confirming active testing of crypto for international trade under existing legislation.

The Bank of Russia’s new approach is driven by the need to improve transparency in the domestic cryptocurrency market and create clear standards for service providers. It also aims to expand investment opportunities for experienced investors willing to take on the associated risks. The central bank has repeatedly expressed concerns about the volatile nature of cryptocurrencies and their lack of jurisdictional guarantees, warning investors of potential losses. The proposal also looks to allow qualified companies to participate in this experimental regime, paving the way for the emergence of a potential “Russian MicroStrategy”—a company that strategically holds Bitcoin as a reserve asset. The central bank has clarified that investors who do not qualify for the experimental regime can still access derivative financial instruments linked to the value of cryptocurrencies.

This nuanced approach to cryptocurrencies by the Bank of Russia recognizes the potential of crypto as an investment asset for sophisticated investors. The experimental regime will be closely monitored, and its outcome could significantly influence Russia’s long-term stance on digital currencies. The central bank’s proposal is a cautious yet profound change in the way the country approaches the world of digital assets, balancing the need for regulation with the potential benefits of crypto investments.