Russia’s central bank has proposed a new regulation to allow wealthy individuals to invest in cryptocurrencies under a controlled framework. Announced on Wednesday, the plan outlines that “specially qualified” investors, including certain wealthy individuals and businesses, will be able to trade crypto assets as part of an experimental legal regime. This move is a further softening of the central bank’s previously strict stance on cryptocurrencies.
Last year, the central bank supported legislation that allowed businesses to use cryptocurrencies for international trade, helping Russian firms navigate Western sanctions imposed due to the conflict in Ukraine.
According to the bank’s proposal, the experiment will be limited to investors who meet certain financial thresholds: individuals must have investments in securities and deposits totaling over 100 million rubles ($1.15 million) or an annual income exceeding 50 million rubles. The bank views this initiative as a means to increase the transparency of the cryptocurrency market while cautioning potential investors about the risks involved in trading crypto.
However, despite these developments, cryptocurrency will still remain banned as a payment method in Russia, as the central bank continues to regulate its use cautiously.
