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- Taming of the Shrew: The Central Bank presented a concept for regulating the cryptocurrency market
Taming of the Shrew: The Central Bank presented a concept for regulating the cryptocurrency market
Government regulation will appear on the Russian cryptocurrency market. The corresponding concept was developed by the Bank of Russia. Both qualified and unqualified investors will be able to purchase crypto assets, but each category will have its own rules. The Central Bank's decisions actually bring the cryptocurrency market out of the "gray zone" and form a clear regulatory contour for it, experts believe. The preparation of the concept means the transition from a policy of deterrence to a model of controlled admission, they point out. What the new regulation of the cryptocurrency market will change is in the Izvestia article.
Proactive attitude
Qualified and unskilled investors were allowed to purchase and sell cryptocurrencies. However, each of these categories has its own rules. The relevant requirements are contained in the concept of regulation of the cryptocurrency market, prepared by the Bank of Russia. The regulator has sent proposals to amend the legislation to the government for consideration.
In a press release, the Central Bank emphasized that it still considers cryptocurrencies to be a high-risk instrument. Such assets are not issued or guaranteed by any jurisdiction, the Central Bank noted. At the same time, the cryptocurrency is subject to increased volatility and sanctions risks.
"When deciding to invest in crypto assets, investors should be aware that they are taking on the risks of potentially losing their funds," the regulator said.
Despite this, according to the concept, digital currencies and stablecoins are recognized as currency values. They are allowed to be bought and sold. However, it is still impossible to pay with these crypto assets within the country.
At the same time, qualified and unskilled investors will be allowed different amounts of activity with cryptocurrencies. The former will be able to purchase any cryptocurrencies, except anonymous ones. There will be no restrictions on the volume of transactions, but first the investor will have to pass a test to understand all the risks.
Unqualified investors, in turn, will be able to purchase only the most liquid cryptocurrencies, for which criteria will be established in the legislation. To perform operations, you will also need to pass a special test. In addition, the concept provides for a limit of no more than 300 thousand rubles per year through one intermediary.
Intermediaries will include exchanges, brokers, and trust managers. They will be able to operate on the basis of available licenses. The regulator will set separate requirements only for special depositories and exchangers working with cryptocurrencies.
The release clarifies that residents will be able to purchase cryptocurrencies abroad from foreign accounts and transfer them abroad through Russian intermediaries. However, such transactions will need to be reported to the tax service.
The new regulation will also affect the digital financial asset market. In particular, the circulation of digital financial assets (CFAs) and other Russian digital rights (utilitarian, hybrid) will be allowed on open networks.
"This will allow issuers to freely attract investments from abroad, and customers to purchase CFAs on terms no worse than the purchase of cryptocurrencies," the Central Bank says.
The legislative framework in accordance with the concept will be prepared before July 1, 2026. And from July 1, 2027, responsibility for the illegal activities of intermediaries in the cryptocurrency market will appear in the Russian Federation.
The editorial board of Izvestia sent a request to the Bank of Russia. No response has been received at the time of publication.
Exit from "twilight"
The Central Bank's proposal actually lays the foundation for the development of the cryptocurrency market within the Russian Federation, Oleg Reshetnikov, an expert on the stock market at BCS World of Investments, is convinced.
— According to the Central Bank itself, in 2025, investments of Russian citizens in cryptocurrencies amounted to approximately 3.7 trillion rubles. The user base includes more than 30 million Russians, so the introduction of restrictions and regulation is obvious," the expert draws attention.
The Bank of Russia's decisions bring the cryptocurrency market out of the "gray" zone and form a clear regulatory contour for it, says Denis Astafyev, an entrepreneur, fund manager and founder of the SharesPro fintech platform.
— Recognition of crypto assets and stablecoins as currency values with permission to buy and sell, but while maintaining a ban on settlements within the country, increases market transparency and reduces infrastructure risks. At the same time, this creates conditions for the growth of legal transactions through licensed intermediaries, although some of the retail demand may still remain in the P2P segment and foreign services, he suggests.
The concept prepared by the Central Bank actually means the transition from a policy of containment to a model of controlled admission, says investment adviser to the registry of the Central Bank, founder of the online investment university "Financology" Yulia Kuznetsova.
"The recognition of crypto assets as currency values while maintaining the ban on use as a means of payment within the country reflects the regulator's position: cryptocurrency is an investment, not a payment instrument," explains the Izvestia interlocutor.
The central Bank traditionally acts cautiously — first it observes, tests hypotheses, collects data, studies world experience, and only then proceeds to formalize, says Mikhail Nikitin, Head of International Business and Finance Practice, partner at 5D Consulting.
"During this time, the regulator already understands well what instrument it is dealing with, so the proposed framework looks quite rigid," he concludes.
Many investors were waiting for the appearance of regulation of the turnover of cryptocurrencies in the Russian market, said Dmitry Lesnov, Deputy General Director for brokerage business at Finam. The concept presented by the Central Bank has yet to undergo a number of approvals, including with the participation of professional securities market players, however, in the basic version, if the model is adopted, it will liberalize the Russian cryptocurrency market, the expert claims, calling it a positive signal for investors.
"As practice and statistics accumulate, the rules are likely to adjust and expand, and the market itself will become more "white": "gray" exchangers and dubious schemes will begin to leave it, and instead players will appear who can create real additional value — analytics, services, infrastructure," Nikitin expects.
A balanced approach
For investors, the measures taken mean clearer and clearer rules of the game, Yulia Kuznetsova believes. The Central Bank's concept focuses not on banning, but on awareness of investments and protection of retail market participants. Investors have the opportunity to participate in the development of the crypto currency market and receive income in the form of investments from projects, Dmitry Lesnov clarifies.
In terms of regulation, the Central Bank faces an extremely difficult task — to preserve the principles of decentralization and freedom, but at the same time ensure the payment of taxes and prevent cryptocurrencies from becoming the main tool of the criminal world, says Mikhail Nikitin.
— In the proposed model, only the most stable and well-known digital currencies, such as bitcoin and ether, will be available to unqualified investors. This significantly reduces the space for manipulation and promises of "quick profit", which information Gypsies like to use, — explains the interlocutor of Izvestia.
At the same time, more trained and professional participants will retain the opportunity to work with cryptocurrency in a decentralized manner. And this approach seems to the expert to be careful and balanced. It reduces the likelihood of reckless investments by retailers and at the same time preserves opportunities for more experienced market participants, focusing on informed risk-taking, confirms Denis Astafyev.
— For professional participants and infrastructure, the market is likely to become more concentrated and "banking" in terms of operating standards. Strengthening compliance, storage, and reporting requirements will increase costs, but in return, it will increase trust and predictability, he expects.
All this will lead to the gradual legalization of operations with crypto assets through a regulated infrastructure — exchanges, brokers and trust managers operating under licenses, predicts Kuznetsova.
— As a result, the market will become more transparent, and the risks of gray schemes and uncontrolled intermediaries will decrease. At the same time, control over cross—border transactions and tax discipline will be strengthened," the Izvestia interlocutor points out.
The Digital Thaw
It is also important that the Central Bank's concept also affects the digital financial assets market, Denis Astafyev emphasizes. The possibility of CFA turnover in open networks increases their liquidity and investment attractiveness, bringing them closer to cryptocurrencies in terms of convenience, he believes.
Allowing the circulation of CFAs and other digital rights in open networks can increase their investment attractiveness and simplify access to foreign capital, Yulia Kuznetsova does not exclude. In the future, this will increase competition between cryptocurrencies and the CFA, she admits.
"At the same time, the CFA will look like a more stable and legally protected tool for conservative investors and businesses," the expert believes.
The digital financial asset market lives by different rules and, in general, has already passed the stage of its formation, Mikhail Nikitin notes.
"Regulatory decisions on the CFA have been made gradually over several years, and today it is a fairly understandable and structured instrument, primarily related to the liability market, rather than currency as a medium of exchange," he clarifies.
The new concept does not exert direct pressure on the CFA market, which remains niche and designed for more prepared participants, but serves as an important signal showing that the regulator perceives CFA as already established assets, and approaches cryptocurrency consistently and cautiously, according to the Izvestia interlocutor.
As a result, a balanced model can be formed where cryptocurrencies will be used as a global high—risk asset, and the CFA as a regulated mechanism for raising capital and tokenizing specific rights, Astafyev expects.
"In any case, the regulator's decision looks positive: the market is developing not through prohibitions, but through the gradual building of clear rules that can be adapted to," Nikitin summarizes.
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