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Russia will reportedly move to open up crypto to retail investors, with a new bill set to soon be introduced to the country’s legislature.
Anatoly Aksakov, chair of the State Duma’s Financial Market Committee, said legislation is ready to be introduced that would remove cryptocurrencies from special financial regulation and place them under a general legal framework, with the aim of normalizing their use, the state-owned news agency TASS reported on Tuesday.
"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 bill would follow the Bank of Russia’s policy proposal put forward in December to allow non-qualified investors to buy certain cryptocurrencies — a reversal from an earlier position where it considered a full crypto ban.
Bill allows non-qualified investors limited access
Aksakov said the legislation would give so-called unqualified investors, such as retail traders, limited access to crypto, capped at 300,000 rubles ($3,800).
He added that “professional participants” who can pass income and knowledge or education criteria would be able to trade in crypto “without restrictions.”
Anatoly Aksakov (pictured) reportedly says Russia is set to introduce laws to allow wider use of crypto. Source: State Duma
“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,”  Aksakov added.
Crypto is currently recognized as property in Russia, and using it for payments is banned, but many Russians and companies turn to crypto to send money internationally, which has increased since 2022 amid sanctions on the country over its invasion of Ukraine.
Crypto exchanges could also see regulations
Crypto exchanges in Russia could also be set for a regulatory overhaul, with local news agency Interfax reporting on Wednesday that Anton Gorelkin, the State Duma’s Technologies Committee chair, is pushing for new rules.
Gorelkin said on a Telegram channel that scammers are using exchanges based in neighboring Belarus when targeting Russians, making it hard for authorities to track them.
Related: Russia targets unregistered crypto miners with new criminal penalties
"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.
Exchanges are unregulated in Russia and many platforms left the country due to sanctions, pushing locals toward informal peer-to-peer services or exchanges outside the country.
The Bank of Russia relaxed crypto transaction rules for businesses in late 2024 and its proposal, shared in December, pitched rules for how exchanges, brokers and trusts could manage crypto.
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