The Central Bank of Russia has officially confirmed that cryptocurrency regulations in the country may be loosened. Last week, Deputy Finance Minister Ivan Chebeskov announced that the current regulation, which only allows a limited number of “highly qualified” investors to access decentralized digital assets like Bitcoin, is about to be amended.
Following this statement, First Deputy Governor of the Central Bank of Russia Vladimir Chistyukhin confirmed to the press that the issue of using the term “highly qualified investor” as a mandatory criterion in new crypto regulations is being reconsidered.
“As our colleagues in the Ministry of Finance have stated, we are discussing the extent to which this term is necessary in the new regulations,” Chistyukhin said.
Chistyukhin also said that it is highly likely that the Central Bank will loosen rules regarding crypto assets in general.
He emphasized that current regulations, which grant access only to a narrow group of investors, are inadequate, especially at a time when it is becoming increasingly difficult for Russian individuals and companies to use traditional currencies for payments abroad.
According to experts, Russia’s move is associated with both an effort to overcome increasing international payment difficulties due to sanctions pressure and the growth of domestic demand for digital assets.
The new regulations are expected to provide access to crypto assets to a wider range of users and create a significant shift in the country’s digital economy strategy.
*This is not investment advice.