The Central Bank of Russia is considering relaxing its strict cryptocurrency regulations as the country struggles with international payment difficulties caused by extensive Western sanctions.
The main debate centers on removing the requirement that individuals be classified as “super-qualified investors” to buy or sell cryptocurrency on Russia’s planned exchange.
Currently, only individuals with over 100 million rubles (approx. $1.3 million) in assets or 50 million rubles in annual income can trade crypto with physical delivery. This limits the market to a tiny elite. Regulators are looking to remove this threshold to allow a broader range of investors access to regulated crypto services.
First Deputy Governor Vladimir Chistyukhin admitted that the re-evaluation is necessary because Russian citizens and businesses are effectively blocked from using standard currencies for foreign payments due to sanctions following the 2022 invasion of Ukraine.
The Central Bank and the Ministry of Finance are expected to agree on a joint approach by the end of the month. While the Central Bank still opposes using crypto for domestic payments (banned since 2020), it recognizes the need to facilitate cross-border transactions and investment.
