The Bank of Russia has proposed a plan to permit limited crypto purchases for select investors.
Russia plans to launch a controlled three-year crypto trial, restricting participation to certain investors. This initiative is part of the country’s broader effort to regulate digital assets and ensure transparency.
The Bank of Russia is considering introducing a temporary legal framework that would allow specific investors to trade crypto over a three-year period.
On March 12, the Bank of Russia announced a proposal to grant a limited group of investors the ability to trade cryptocurrencies, including Bitcoin.
“In accordance with the instructions of the President of Russia, the Bank of Russia has sent proposals to the government for discussion on regulating investments in cryptocurrencies,” the announcement stated.
As part of its proposal, the Bank of Russia recommends imposing sanctions on individuals who violate the experimental regime. This initiative would allow crypto trading only for investors meeting the $1.1 million asset threshold.
The central bank maintains its prohibition on all other residents from using cryptocurrency for transactions.
Since January 2021, Russia’s first crypto law, “On Digital Financial Assets,” has banned Bitcoin and other cryptocurrencies for payments.
In the new proposal, the central bank stated:
“The Bank of Russia still does not consider cryptocurrency as a means of payment. Therefore, it proposes to also introduce a ban on settlements between residents on transactions with cryptocurrency outside the experimental legal regime, as well as establish liability for violating the ban.”
Although Russian residents cannot use crypto for payments, the Bank of Russia has supported enabling international transactions with digital currencies since 2022.
In line with the country’s legal framework, Russia has been experimenting with cryptocurrency in international trade. Finance Minister Anton Siluanov confirmed in December 2024 that this experimental regime took effect in September 2024.
To enhance transparency in Russia’s cryptocurrency market, the Bank of Russia has introduced a restricted crypto program for specific investors.
This regulatory framework establishes guidelines for crypto asset service providers in Russia and offers greater investment opportunities for high-risk investors.
“The Bank of Russia has repeatedly noted that private cryptocurrencies are not issued or guaranteed by any jurisdiction, based on mathematical algorithms, and are subject to increased volatility,” the authority stated, adding:
“Therefore, investors, when deciding to invest in cryptocurrency, should be aware that they are taking on the risks of potential loss of their funds.”
The central bank’s announcement highlights its proposal to grant qualified businesses the right to participate in the experiment.
“For financial institutions that want to invest in cryptocurrency, the Bank of Russia will establish regulatory requirements taking into account the level and nature of the risks of such an asset,” the authority stated.
By allowing select Russian firms to invest in cryptocurrency, the Bank of Russia could pave the way for a “Russian MicroStrategy.“ This move mirrors Michael Saylor’s Strategy (formerly MicroStrategy) in its large-scale BTC purchases.
After Strategy made its initial Bitcoin purchase in August 2020, numerous companies worldwide—including Tesla, Japan’s Metaplanet, and Brazilian fintech unicorn Meliuz—followed its lead by acquiring BTC.
The central bank states that all certified investors will have the ability to invest in derivative financial instruments, such as securities and digital financial assets reflecting cryptocurrency prices, outside the scope of the experimental program.
