Michaela
The Russian Central Bank is considering a three-year experimental legal regime allowing select investors to trade cryptocurrencies under a regulated framework to enhance market transparency.
According to an official announcement, the Bank of Russia has submitted proposals to the government on regulating investments in cryptocurrencies, in line with directives from the Russian president.
Under the proposal, only individuals holding at least $1.1 million in securities and deposits would be eligible to participate. Additionally, the proposal includes potential penalties for violations of the regulatory framework, reinforcing oversight and compliance within the digital asset market.
Companies qualified as investors under existing regulations may also participate in the experimental framework. For financial institutions interested in cryptocurrency investments, the Bank of Russia plans to introduce regulatory requirements tailored to the specific risks associated with digital assets.
“The introduction of the [experimental legal regime] is aimed at increasing the transparency of the cryptocurrency market, forming standards for the provision of services, expanding investment opportunities for experienced investors who are ready to take on increased risks,” the Bank of Russia stated in the English translation of its announcement.
Furthermore, the Bank of Russia maintains its stance against recognizing cryptocurrency as a means of payment. Beyond the experimental legal regime, the proposal aims to permit all qualified investors to engage in settlement derivatives, securities, and digital financial assets. These investments would not involve the direct transfer of cryptocurrency to investors but would instead be structured to generate returns based on its market value.
This initiative is part of ongoing efforts by Russian authorities to create a regulatory framework for cryptocurrencies. A key development in this space has been the introduction of the digital ruble, a state-backed alternative to decentralized digital assets. However, the rollout of the digital ruble has encountered some uncertainty.
By cautiously opening the door to regulated crypto trading while continuing to develop the digital ruble, Russian authorities are signaling a more adaptive approach to financial innovation. This strategy seeks to balance economic opportunities with regulatory safeguards, ensuring stability in the evolving digital asset landscape.
Read More
- Proposed Russia Crypto Mining Power Plants to Isolate Energy from Grids
- MOEX Suspends Evening Trading as Russian Markets Rally on Trump Call
- Deribit Bans Russian Users Amid New EU Sanctions on Crypto
Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
