Russia is preparing a fundamental shift in its approach to cryptocurrencies. The government is preparing a law to remove digital assets from a special financial regime and integrate them into the normal legal framework. According to influential lawmaker Anatoly Aksakov, cryptocurrencies will become “a normal part of our lives” and will be opened up to small investors for the first time.
The new legislation is expected to be submitted to the Russian State Duma during its spring session. Aksakov, chairman of the parliamentary committee on financial markets, said the law is practically ready and aims to “normalize the use of cryptocurrencies” in the Russian economy.
“The law is ready. It removes cryptocurrencies from special financial regulation—they will become a normal part of our lives,” Aksakov was quoted as saying by the state agency TASS.
Limited access for ordinary investors
A fundamental change is the opening of the market to so-called “unqualified investors,” i.e., ordinary people without special financial education. According to the proposal, they would be able to purchase selected cryptocurrencies up to 300,000 rubles, which is roughly $3,800.
No limit would apply to “professional participants” — investors who meet criteria for income, knowledge, or education. They would be able to trade cryptocurrencies without restriction.
The law follows on from a proposal by the central bank in December 2024, which already envisaged limited public access to cryptocurrencies. This is a significant turnaround: previously, the Bank of Russia had advocated a complete ban on cryptocurrencies in the country.
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Sanctions change reality
Officially, cryptocurrencies are considered property in Russia, but their use as a means of payment is prohibited. However, the reality is different. Since 2022, when the West imposed sanctions on Russia for its invasion of Ukraine, cryptocurrencies have become an important tool for international transfers.
Companies and individuals use them to send money abroad outside the traditional banking system. This is one of the reasons why Aksakov openly talks about the fact that cryptocurrencies can be used for foreign payments and, subsequently, for entering the financial markets of other countries.
“Cryptocurrencies can be actively used for international payments, including their further placement on the financial markets of other countries,” he said.
At the end of 2024, the central bank eased the rules for corporate crypto transactions and in December presented a framework for the operation of exchanges, brokers, and cryptocurrency asset managers.
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Crypto exchanges are next
The changes will also include the regulation of cryptocurrency exchanges. These are currently subject to virtually no rules in Russia, and a number of foreign platforms have left the country due to sanctions. Local users are thus often turning to unofficial peer-to-peer services or foreign exchanges.
Anton Gorelkin, chairman of the Duma’s technology committee, pointed out that fraudsters often use exchanges based in Belarus, which makes it difficult for Russian authorities to supervise them.
“That is why it is necessary to bring order to crypto exchanges and create conditions for their legal operation on Russian territory,” Gorelkin wrote on Telegram.
If the proposals are approved, Russia will join the ranks of countries that are seeking not to suppress cryptocurrencies, but to integrate them into the official economy. Nevertheless, it will be a cautious model: ordinary people will only have limited access, while full freedom will remain reserved for professionals.
The country, which until recently was considering a complete ban on crypto, is thus sending a clear signal. Digital assets are set to become a normal part of the financial world in Russia – even for ordinary citizens.
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Sources:
https://tass.ru/ekonomika/26135131
https://interfax.com/newsroom/top-stories/115607
