Russian legislators have drafted a new bill that would remove special financial regulation for cryptocurrencies and significantly broaden access for retail investors, the head of the State Duma’s financial markets committee said, in a move that could reshape how digital assets are treated in the country and influence wider crypto policy debates.
Speaking to reporters, Anatoly Aksakov confirmed that the draft legislation has been prepared for the upcoming spring session of Parliament. The core aim is to take cryptocurrencies out of the strict regulatory framework that currently governs financial instruments, effectively treating them more like everyday digital commodities than tightly regulated securities or derivatives.
Under the proposal, non-qualified investors — ordinary individuals without professional licensing or certification — would be permitted to buy and hold cryptocurrencies, subject to a purchase cap of 300 000 rubles (roughly €3 000). In contrast, professional market participants such as licensed brokers and institutional traders would be free of such limits and able to operate without the same restrictions.
The draft law also contemplates broader uses for digital assets, including international settlements and the possibility for Russia to issue digital currencies that could be placed on foreign financial markets. Mr. Aksakov suggested that easing rules could make cryptocurrencies more practical for cross-border commerce and reduce frictions in international payments, although details remain thin.
What This Means for Crypto Policy
The initiative marks a notable departure from Russia’s traditionally cautious approach to cryptocurrencies. For several years, regulators have struggled to balance concerns about investor protection, capital flight, and illicit finance with the desire to foster technological innovation. Earlier legislation tended to treat digital assets with suspicion, imposing strict controls on trading and often restricting access for retail buyers.
By contrast, this bill would de-emphasise heavy financial regulation and lean toward a more permissive regime that treats crypto more like a consumer product than a regulated financial instrument. Capping purchases for non-qualified investors mirrors approaches in other jurisdictions that seek to limit retail exposure without outright bans.
However, the shift also raises questions about investor risk and market integrity. Removing special regulation could erode safeguards that help prevent fraud, market abuse, and sudden price shocks — issues that European regulators have been grappling with as they shape the Markets in Crypto-Assets Regulation (MiCA). Europe’s framework seeks to establish clear rules for issuers, platforms, and custodians while embedding investor protections; by comparison, Russia’s draft appears to prioritise access and flexibility over structural controls.
Another notable element is the suggestion that Russian digital currencies could be issued and registered abroad. That idea touches on broader tensions in global crypto governance, where regulators worry about jurisdictional arbitrage and the ease with which digital assets can move across borders. If Russia pursues cross-border issuance, it could complicate enforcement and regulatory coordination with European and global authorities.
Analysts will be watching how the draft evolves in the Duma and how Russia’s central bank and financial watchdog respond. Both institutions have historically advocated for more caution, emphasizing systemic stability and anti-money-laundering controls.
The proposal’s trajectory could influence not only domestic markets in Russia but also broader debates on how states balance innovation and protection in the rapidly changing crypto landscape.