PANews reported on March 12 that according to an official announcement, the Central Bank of Russia, in accordance with the instructions of the Russian President, submitted a proposal to the government for discussion on regulating cryptocurrency investment. The proposal suggests allowing a limited group of Russian investors to buy and sell cryptocurrencies. To this end, a special experimental legal system is planned to be established for a period of three years.
Only "specially qualified" investors will be able to trade cryptocurrencies within the system. This is a new status, and citizens who are expected to obtain it must meet the conditions that their securities and deposit investments exceed 100 million rubles, or their income exceeded 50 million rubles last year. In addition, the proposal also proposes to allow companies that meet the status of qualified investors under current laws to participate in the experiment. For financial institutions that wish to invest in cryptocurrencies, the Central Bank of Russia will formulate regulatory requirements based on the risk level and nature of such assets. The introduction of the above system is aimed at increasing transparency in the cryptocurrency market, forming service standards, and expanding investment opportunities for experienced investors willing to take higher risks.
The Central Bank of Russia has repeatedly pointed out that private cryptocurrencies are not issued or guaranteed by any jurisdiction, are based on mathematical algorithms and have high volatility. Therefore, investors should be aware of the risk of losing their funds when deciding to invest in cryptocurrencies. The Central Bank of Russia still does not consider cryptocurrencies as a means of payment, so it proposes to prohibit residents from using cryptocurrencies for settlement transactions outside the system at the same time and to hold those who violate the ban accountable. Outside the experimental system, it is planned to allow all qualified investors to invest in settlement financial derivatives, securities and digital financial assets that do not involve the delivery of cryptocurrencies to investors, but whose returns are linked to the value of cryptocurrencies.
