The Bank of Russia has submitted proposals to the government to launch a pilot project that would allow a limited group of Russian investors to engage in cryptocurrency trading. This initiative follows a directive from President Vladimir Putin.
Pilot Project Parameters
Under the proposal, an experimental legal regime (ELR) would be introduced for three years. During this period, 'particularly qualified' investors would be permitted to conduct crypto transactions, according to the central bank’s statement.
Target Participants
The experiment targets wealthy individuals with assets exceeding 100 million rubles (approximately $1.14 million) or annual incomes over 500 million rubles ($574,000). Qualified companies would also be eligible to participate. The central bank intends to establish further rules to ensure financial institutions manage these activities and related risks responsibly.
Additional Products and Context
In addition to direct crypto investments, qualified participants would have access to other products linked to crypto performance, such as derivatives, securities, and digital financial assets (DFAs). One of the primary objectives of the pilot is to bring crypto trading out of the shadows and develop regulatory standards for the provision of related services.
The pilot project will enable authorities to develop regulatory standards in the crypto industry and explore ways to adapt to changes in the international environment. It may also allow Russia to operate with less external scrutiny under a controlled experimental regime.
