On March 12, Russia’s central bank, the Central Bank of the Russian Federation, proposed allowing crypto trading for limited investors.

The bank sent proposals on crypto regulation to the government for discussion. It has proposed to allow “a limited circle of Russian investors” to trade cryptocurrencies under a special experimental legal regime for a period of three years.

The proposal doesn’t suggest allowing everyone to participate in crypto trading. Only "particularly qualified" investors with securities and deposits exceeding 100 million rubles ($1.14 million) or with income for the past year exceeding 50 million rubles ($0.57 million) can trade crypto as per the proposal.

Eligible companies can also invest in crypto as the bank introduces specific risk-based requirements for financial institutions.

The proposal allows all eligible investors to invest in derivatives, securities, and digital assets tied to crypto’s value but not involving direct delivery of cryptocurrencies.

The bank also asserted that since it doesn’t consider crypto as a means of payment, it has proposed banning any settlements involving crypto transactions outside the regime. Those violating the ban would face a penalty.

Russia has taken a rather cautious approach to crypto. While owning crypto is allowed, it is not recognized as a legal tender. In December 2024, the country banned crypto mining in ten key regions until 2031.

Russia’s latest move is indicative of the broader trend of countries evolving their stance regarding crypto as the U.S. administration under President Donald Trump pursues an aggressive pro-crypto policy.