The Russian Ministry of Finance has approved the parameters for unqualified investors' access to cryptocurrencies: limits and list of assets.
Russian regulators have finally defined the rules for allowing retail investors into the digital assets market. After years of discussions, during which even proposals for a complete ban on the crypto industry were voiced, the Ministry of Finance has formulated specific parameters. Deputy Finance Minister Ivan Chebeskov revealed key details of the new bill, which is currently being finalized.
Which cryptocurrencies will become available and under what conditions?
The key principle for selecting assets is market capitalization. The initial list will only include digital currencies whose average market value over the last two calendar years exceeds 5 trillion rubles. Currently, this criterion includes: Bitcoin (BTC), Ethereum (ETH), BNB, XRP, as well as the stablecoins USDT and USDC.
For non-qualified investors, an annual limit on investments through a single intermediary is set at 300,000 rubles. As Chebeskov emphasized, for the vast majority of citizens, this is a significant but not prohibitive amount. It is important to note that future adjustments to this limit will depend on law enforcement practice. Previously, there was discontent within the crypto community regarding the established restrictions, but the Ministry of Finance considers them balanced.
Notably, during the preparation of the document, stricter scenarios were also considered. Initially, access was intended to be opened exclusively to qualified investors, and even the idea of creating a separate category of "super-qualified" investors was discussed. However, a more liberal path was ultimately chosen.
Status of the bill and my view on the situation
The document has already passed its first reading in the State Duma and is now being actively refined with the participation of the Bank of Russia, the professional community, representatives of the crypto industry, and law enforcement agencies. The Ministry of Finance expects to adopt the bill in the second and third readings during the current session.
My comment: The introduction of a 300,000 ruble limit and a strict list of permitted assets is undoubtedly a step forward compared to a complete ban, but it is extremely cautious and conservative. Excluding many popular altcoins and DeFi tokens from the list effectively leaves retail investors with a very limited choice. Furthermore, one should not forget the geopolitical context: the 20th EU sanctions package was specifically aimed at the Russian crypto industry, and creating an isolated internal circuit could both simplify the spread of Western restrictions and, conversely, stimulate the development of local solutions. In any case, the market is closely watching the final version of the law.