Russia’s monetary authority is not going to ban citizens from holding or selling already acquired cryptocurrencies, but intends to limit new purchases in the future.
This was made clear by one of its top executives, who detailed the regulator’s new approach towards the growing market in a broad interview for a leading Russian media outlet.
Moscow is preparing to comprehensively regulate the country’s crypto sector in the coming months, including by introducing a licensing regime for digital asset exchanges and defining who will be granted legal access to decentralized digital assets.
Bank of Russia to keep ordinary Russians away from crypto
The Central Bank of Russia (CBR) plans to expand investor access to cryptocurrencies, but, nevertheless, keep most Russian citizens out of the crypto space.
Its First Deputy Chairman Vladimir Chistyukhin has just made it clear that the bank now aims to support them leaving crypto rather than facilitating their participation.
The executive explained the latest proposals of the key financial regulator in Moscow regarding cryptocurrencies, which are yet to be properly legalized in Russian law. He emphasized that the suggested rules will not stop people who want to exit the market.
“If they have the status of a person who cannot conduct transactions with crypto assets, they will be able to either hold them further or exchange them for some fiat currency or other assets,” Chistyukhin told RIA Novosti. Quoted by the news agency on Thursday, the deputy governor elaborated:
“There are no restrictions planned on exiting crypto assets – neither in terms of time nor volume. Only new purchase transactions will be limited.”
In March, the CBR proposed an “experimental legal regime” allowing only “highly-qualified investors,” vetted based on minimum income and asset requirements, to put money into cryptocurrency. It’s now moving away from that concept but is not ready to permit the general population to touch crypto.
The looser rules, likely to be adopted in 2026, will grant market access to regular “qualified investors,” at most, who will still be subjected to tests before being permitted to buy coins. About a million Russians may fall in that category, which is a small percentage of the total population.
Russia considers licensing cryptocurrency exchanges
Admitting non-qualified investors to the market would require “maximum caution,” Chistyukhin warned, but also left the door open for such a scenario, citing the growing use of cryptocurrencies for payments amid sanctions severely limiting Russian access to traditional financial channels.
“Of course, we want to protect Russian retail investors as much as possible from transactions involving such a risky asset. On the other hand, we understand that in the current circumstances, in some cases, it is only possible to make international payments using cryptocurrency.”
Although if a decision is made to allow them to purchase crypto assets, “such investors may be granted access only to the most liquid instruments,” he argued.
Bringing Russia’s crypto market out of the shadows is a priority for the Bank of Russia, its deputy head stressed, adding its proposals are currently being discussed with other regulatory bodies in Moscow, including the Ministry of Finance and the Rosfinmonitoring watchdog.
According to Chistyukhin, crypto transactions will be carried out mainly through established market players, and Russia already has the necessary infrastructure to work with cryptocurrencies.
However, he believes the authorities still need to consider whether to classify crypto exchange offices as a unique category of participants in the industry and issue separate licenses for their activities.
Crypto regulations to be introduced in stages
The CBR’s updated regulatory approach envisages adjusting Russia’s laws in several stages to ultimately achieve comprehensive regulation. Vladimir Chistyukhin explained:
“We are preparing proposals to amend the legislation, which include several transitional periods so that all participants have enough time to move from the ‘gray’ zone into the legal sphere and operate normally.”
Thus, the law regulating crypto investments beyond the existing experimental legal regime will probably be adopted during the spring session of the Russian parliament, so that it can come into force by the end of 2026.
Then, Russian lawmakers will be able to get on with pushing through other necessary changes, such as introducing administrative and criminal liability for illegal operations with cryptocurrencies, which may take effect in 2027.
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Source: https://www.cryptopolitan.com/russians-free-sell-crypto-banned-from-buying/