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The central bank of Russia is gearing up to enable both qualified and retail investors to purchase crypto assets.
In a statement, the Bank of Russia says it has prepared a framework for regulating cryptocurrency.
The move will greenlight the trading of digital currencies and stablecoins but still prohibit using these assets to pay within the country.
“The Bank of Russia still considers cryptocurrencies a high-risk tool…When deciding to invest in crypto assets, investors should be aware that they are taking the risks of potential loss of their funds.”
Qualified and unqualified investors will follow separate rules when purchasing crypto assets.
Unqualified investors can purchase most liquid cryptocurrencies, the criteria for which will be later established by legislation, after passing a risk awareness test. Their transactions will be limited to 300,000 rubles, or about $3,800 per year, through one intermediary.
Meanwhile, qualified investors will be able to buy crypto assets without volume restrictions after passing the test. The rule applies to all cryptocurrencies except anonymous tokens.
Residents of the BRICS co-founding country will be allowed to purchase cryptocurrencies abroad using their foreign accounts. They can also transfer previously purchased cryptocurrencies through Russian intermediaries abroad provided they notify the tax service of these transactions.
The plan is to prepare the legislative framework by July 1st, 2026 and introduce the liabilities for intermediaries engaged in illegal activities by July 1st, 2027.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Tithi Luadthong/Konstantin Faraktinov
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