Bank of Russia Plans Crypto Trading for Qualified Investors

The Bank of Russia is progressing with its plans to test cross-border crypto transactions for qualified investors.

Russia’s central bank, the Bank of Russia, is contemplating changes to the law to introduce a new category of “particularly qualified investors.” This would enable these individuals to trade cryptocurrencies as the country looks into using digital currencies for cross-border deals.

In an interview published on August 26 in the Russian newspaper Izvestia, Alexey Guznov, the Bank of Russia’s state secretary and deputy governor, signaled a potential shift in the country’s cryptocurrency policy. Guznov mentioned that the central bank is exploring the idea of allowing a select group of specially qualified investors to engage in buying and selling cryptocurrencies.

“There is currently a discussion about allowing a limited group of particularly qualified investors to trade digital currencies, enabling them to buy and sell such assets. However, this is a topic for the next stage. In the meantime, all potential risks need to be thoroughly analyzed.” — Alexey Guznov, Bank of Russia’s state secretary and deputy governor

At present, there is no legal framework defining these investors, but the central bank is reportedly considering legislative changes to create this new category.

The central bank is also open to the use of stablecoins for international trade, provided they meet specific criteria. According to Guznov, if a stablecoin is backed by an obligated party and resembles digital financial assets — centralized, tokenized assets issued in Russia — it can already be used for cross-border settlements under existing laws. However, algorithmically managed stablecoins without a backing entity would be treated as cryptocurrencies and would require an experimental regime for cross-border use.

Guznov’s comments follow reports that Russia is considering establishing at least two domestic crypto exchanges, potentially leveraging the infrastructure of traditional stock exchanges in Moscow and Saint Petersburg. The main goal of these exchanges is not to facilitate crypto trading but to develop stablecoins, including those pegged to the Chinese yuan and a basket of BRICS currencies.

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