Russia is changing the way it looks at cryptocurrencies, and this shift is a big one.
After years of pushing back against digital assets, Russia’s central bank has now created a new plan that would allow everyday people to buy cryptocurrencies, not just professional investors. This change shows how Western sanctions have forced the country to rethink its old hardline position.
Under the proposal, regular investors would be allowed to buy the most popular and widely traded cryptocurrencies. But there’s a condition. They would first need to pass a basic knowledge test to show they understand how crypto works. Even then, their yearly purchases would be capped at 300,000 rubles, which is about $3,800, and those transactions would have to go through one licensed platform.
Professional or “qualified” investors would have much more freedom. After taking a risk-awareness exam, they could buy almost any cryptocurrency with no purchase limits, except for anonymous tokens. The central bank still wants to keep some guardrails in place.
According to Bloomberg News, the Bank of Russia has already sent this framework to the government, along with proposed changes to the law. The goal is to have a regulated crypto market in place by July 1 next year, though details on how the rules would be enforced are still unclear.
This marks a sharp turn from the past. Back in January 2022, just before Russia launched its full invasion of Ukraine, the central bank was calling for a total ban on cryptocurrencies. At the time, officials said crypto threatened financial stability and compared it to pyramid schemes.
Even now, the central bank says it hasn’t fully warmed up to digital assets. It continues to warn that cryptocurrencies are risky and volatile. Still, the tone has clearly softened.
If the plan moves forward, all crypto trading would go through licensed exchanges, brokers, and trust managers. Separate rules would apply to trading platforms and custodians. Russian residents would also be allowed to buy cryptocurrencies abroad and move them through domestic intermediaries, as long as they report those transactions for tax purposes.
This shift builds on earlier steps taken in 2024, when Russia relaxed some rules on crypto use for businesses. Even without clear regulations, many Russian individuals and companies have already been using digital assets for cross-border payments, especially after sanctions cut major banks off from the global financial system in 2022.
One thing hasn’t changed, though. Cryptocurrencies are still not allowed as legal tender inside Russia. All payments within the country must still be made in rubles.
In short, Russia isn’t fully embracing crypto—but it’s no longer trying to shut it out either.
