Russia is reportedly preparing to widen access to cryptocurrencies for retail investors, with new legislation expected to be introduced to parliament in the near future. Anatoly Aksakov, head of the State Duma’s Financial Market Committee, said a draft law is ready that would remove cryptocurrencies from a special regulatory regime and instead place them under a general legal framework, according to a report by state-owned news agency TASS on Tuesday. The goal, he said, is to normalize the use of crypto in everyday economic life.

"A lot of attention will be paid to the development of digital financial assets, and we will devote a lot of time to cryptocurrencies in the upcoming spring session,” Aksakov said. “A bill has already been prepared that removes cryptocurrencies from special financial regulation, that is, they will be a common occurrence in our lives," he added.

The proposal follows a shift in stance by the Bank of Russia, which in December outlined a policy allowing non-qualified investors to purchase certain cryptocurrencies. That position marked a reversal from earlier discussions that had considered a blanket ban on crypto activity.

Retail access capped, professionals face fewer limits

According to Aksakov, the new legislation would allow so-called unqualified investors, including retail traders, to access cryptocurrencies within defined limits. Under the proposal, purchases would be capped at 300,000 rubles, or roughly $3,800. By contrast, “professional participants” who meet income thresholds or pass knowledge or education requirements would be permitted to trade crypto “without restrictions.”

Aksakov also pointed to potential use cases beyond domestic trading, noting that “Cryptocurrencies can be actively used for international payments, including in order to further place them on the financial markets of other countries when issuing them here.”

In Russia, cryptocurrencies are currently classified as property, and their use as a means of payment is prohibited. Despite this, individuals and companies have increasingly relied on crypto for cross-border transfers, particularly since 2022, as sanctions linked to the war in Ukraine have restricted access to traditional financial channels.

Pressure grows to regulate crypto exchanges

The legislative push may also extend to crypto exchanges operating in or targeting Russia. Local news agency Interfax reported that Anton Gorelkin, chair of the State Duma’s Technologies Committee, is advocating for new rules governing exchanges. Writing on Telegram, Gorelkin said fraudsters are exploiting platforms based in neighboring Belarus to target Russian users, complicating enforcement efforts.

"This in particular is why it is necessary to bring order to crypto exchanges, to create conditions for their legal activity on Russian territory," Gorelkin said.

Crypto exchanges remain largely unregulated in Russia, and many international platforms exited the market following sanctions, driving users toward informal peer-to-peer channels or foreign-based services. The Bank of Russia began easing crypto transaction rules for businesses in late 2024, and its December proposal outlined potential regulatory frameworks for exchanges, brokers and trusts involved in digital assets.

Sources:

https://cointelegraph.com/news/russia-bill-open-crypto-aims-common-occurrence-report

https://interfax.com/newsroom/top-stories/115607/

https://tass.ru/ekonomika/26135131