Crypto news

Executive Director of RAKIB Alexander Brazhnikov presented a mixed assessment of the Central Bank's initiative to allow Bitcoin, Ethereum, and USDT into exchange trading. On the one hand, this is a long-awaited recognition of cryptocurrency as a legal asset; on the other, the proposed limit of 300,000 rubles per year for non-qualified investors turns retail access into a formality rather than a real financial opportunity.

In essence, we are witnessing the formation of a two-tier system. For the non-qualified investor, a fully legal way to enter cryptocurrency through domestic intermediaries appears for the first time. However, the bar of 300,000 rubles per intermediary significantly limits the scale: most active users, accustomed to turnover many times higher, will likely continue operating through foreign platforms and P2P networks, where such restrictions do not exist.

For qualified participants, the picture is fundamentally different. There are no restrictions either on amounts or on the list of assets — all cryptocurrencies admitted to trading on the exchange and over-the-counter markets are available. This opens the door to a full-fledged market for professional players and institutional capital, which previously avoided the uncertainty of the legal status.

What the Central Bank's proposal changes

Today, cryptocurrency trading in Russia relies on P2P platforms, foreign exchanges, and exchangers. These methods carry a whole set of risks: bank card blocking, fraud, lack of consumer protection, periodic account freezes for Russians at the request of international regulators, and claims from law enforcement agencies.

The emergence of legal infrastructure, even with restrictions, can reduce the uncontrolled zone of the market. Even a moderate flow of operations into the legal framework changes the proportions — this is a signal for wealthy investors and a stimulus for the inflow of institutional capital.

Brazhnikov highlights three key effects for the economy. The first is legalization and growth of tax revenues. A significant portion of Russians' crypto operations today passes through P2P and foreign platforms, and taxes on them, if paid at all, are only partially paid. Creating a supervised structure with licensed intermediaries will allow the treasury to receive billions of rubles in taxes annually, and miners will be able to officially sell cryptocurrency through regulated intermediaries.

The second effect is a tool for cross-border settlements. The Central Bank has already confirmed its readiness to allow a limited circle of companies to use digital currencies in foreign trade operations. Admitting Bitcoin, Ethereum, and USDT to public circulation creates a legal basis for this. Such a tool does not depend on SWIFT, correspondent accounts in dollars and euros, or freezes by Western regulators, which reduces costs and risks in foreign trade.

The third effect is the investment climate. Transparent rules attract wealthy investors, money that went abroad can remain in the Russian financial system, and an industry forms around the market — custodial services, crypto brokers, analytical platforms, management companies — creating jobs and a tax base.

Key risks

However, not everything is so rosy. Brazhnikov identifies four systemic risks. The first is sanctions and geopolitical pressure. Creating a crypto market in Russia will almost certainly attract the attention of Western regulators, and the expert considers the risk of secondary sanctions for Russian brokers, exchangers, and their clients quite real.

Of particular danger is the use of USDT. The stablecoin issuer can freeze addresses associated with Russian companies at the request of foreign authorities. This creates a false sense of reliability of a tool that could be blocked at a critical moment.

The second risk is concentration at intermediaries. Admitting a limited number of licensed brokers and exchangers creates points of risk concentration: if such an intermediary is hacked, goes bankrupt, or commits fraud, the damage will be very large, and insurance mechanisms for crypto assets are still absent.

The third risk is the growth of fraud under the guise of legitimate actions. The official status of cryptocurrency can be used by malicious actors: pseudo-brokers will appear posing as licensed organizations, along with schemes promising guaranteed returns, and citizens who believe in state approval will become more vulnerable.

The fourth risk is monopolization. Large players who are the first to obtain licenses may lobby for stricter requirements for newcomers, which leads to high fees, lower service quality, and in the long term slows down the development of the industry.

How this looks against global practice

Russia is building its own model, and the 300,000 rubles per year limit for non-qualified investors is its most distinctive part. In the USA, EU, Brazil, South Korea, and Japan, there are no fixed limits on purchasing cryptocurrency for citizens: protection is built through mandatory risk disclosure and regulator warnings, not through limiting amounts.

The second difference is the narrow list of assets. The requirement of a five-year price history and a list of only three assets place Russia among the most conservative countries. Even Japan, the only major economy with a "whitelist," admits dozens of assets with more flexible criteria, while the expert calls the Russian approach a deliberate rejection of almost the entire altcoin market.

The third is the division into qualified and non-qualified investors. Brazhnikov considers this a transfer of the traditional Russian model of securities market regulation to cryptocurrencies: such a division is atypical for crypto exchanges, where a retail investor can usually buy any available cryptocurrency.

As a result, an "elite" legal market is created for large capital and a limited one for everyone else. In this form, according to the expert, it is more of an experiment dictated by the current policy of the Central Bank.

My view: The Central Bank's initiative is a step forward, but a very cautious, almost symbolic step. The 300,000 rubles limit does not solve the problem of mass access, but merely legalizes existing practice for large players. Until the regulator revises its approach to retail investors, a significant part of the market will remain in the gray zone, and the "elite" nature of legal access will only intensify inequality of opportunity. However, the very fact of recognizing cryptocurrency is already a precedent that could become the basis for bolder decisions in the future.