In the ongoing show of Russia versus the digital coin universe, the Bank of Russia just dropped a tantalizing hint.
They’re seriously weighing pulling back the reigns on crypto regulations.
After years of treating cryptocurrencies like that suspicious cousin at a family reunion, Moscow’s financial overlords might let more Russians get their hands dirty, or rather, digital, in crypto trading.
Discussions are underway to dump the high-roller-only policy
The story kicked off when the Ministry of Finance quietly whispered of plans to loosen the chokehold over crypto dealings, especially the stingy “highly qualified investor” rule.
This rule was basically an exclusive VIP club restricting crypto playtime to a tiny elite who had to prove they were swimming in serious rubles, think $1.2 million in deposits and $600,000 annual income or more, just to be allowed into the party.
But now, Vladimir Chistyukhin, the Bank of Russia’s First Deputy Chairman, chimed in.
He backed the Ministry’s gesture, confirming that discussions are underway to dump this high-roller-only policy and make crypto access something a lot broader, especially in a country still struggling with sanctions that have cut off many legal and financial pathways abroad.
Workaround
Why this sudden thaw? Sanctions have been Russian finance’s Gordian knot, strangling its links to global money lanes.
The Bank of Russia’s pivot is a crafty move to use crypto as a workaround where traditional currencies choke.
Earlier this year, the bank floated a trial “experimental legal regime” letting companies do cross-border deals with digital coins, and even allowed “superquals”, those above the previous rich investor bar, to buy and trade crypto derivatives.
Crypto assets might become normal-finance fodder
Despite this, only a tiny slice of Russians has ventured into crypto, with household investments totaling just over $47 million.
Basically a chump change for the country’s financial muscle. So, while the rules were strict, crypto hasn’t exactly exploded in Russia yet.
Chistyukhin was refreshingly candid, crypto assets might soon shrug off their “fringe” label and become normal-finance fodder.
The final say hinges on conversations with the Ministry of Finance, but insiders expect concrete news before the year’s end.
Cryptocurrency and Web3 expert, founder of Kriptoworld
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With years of experience covering the blockchain space, András delivers insightful reporting on DeFi, tokenization, altcoins, and crypto regulations shaping the digital economy.
