Russia Pushes Ahead With Crypto Regulation Plans Amid Market Access Talks
Russia's Bank of Russia is pushing ahead with its crypto regulation plans, holding consultations with major banks and financial firms to discuss access to the regulated market.
Regulation is still in the implementation stage, with formal applications pending until additional regulatory acts are adopted and take effect. The framework allows for regulated crypto activity and cross-border payments while prohibiting domestic cryptocurrency payments.
The Bank of Russia First Deputy Governor Vladimir Chistyukhin said that informal consultations have begun, but no formal applications have been submitted yet due to the need for several first-line regulatory acts to be adopted and published.
The framework covers both qualified and non-qualified investors, with non-qualified investors allowed to purchase most liquid cryptocurrencies up to 300,000 rubles a year through one intermediary after passing a test. Qualified investors must also pass testing but have no amount limit.