Russia’s Central Bank Caves—Qualified Investors Get Crypto Greenlight

In a move that reeks of reluctant pragmatism, the Bank of Russia has finally unlocked crypto investments—but only for the elite club of ’qualified investors.’ Because nothing screams ’financial inclusivity’ like gatekeeping digital assets behind wealth barriers.

The policy shift—buried under layers of bureaucratic caution—signals Moscow’s grudging acknowledgment of crypto’s gravitational pull. Meanwhile, retail traders get to watch from the sidelines, clutching their rubles and memecoins.

Funny how ’qualified’ never seems to include the little guys. Maybe next they’ll legalize oxygen… for accredited breathers only.

— Whale Insider (@WhaleInsider) May 29, 2025

“Qualified investors will have access to products without direct ownership of crypto, similar to ETFs”

Alexander Zozulya, Director of Sberbank’s Global Markets Department weighed in. She said, “The Bank of Russia has taken an important step by announcing the development of an experimental legal regime (ELR) for cryptocurrency transactions.”

“We expect the emergence of a legal “sandbox” – an analogue of a regulated crypto platform,” she said, “where super-qualified investors will be allowed to operate directly with cryptocurrencies.”

According to Zozulya’ statement, qualified investors will have access to products without direct ownership of cryptocurrencies, “similar to Western exchange-traded funds (ETFs).”

Russia banned the use of crypto for payments in 2021 under its “On Digital Financial Assets” law. But the government has been exploring ways to integrate crypto into its financial system. 

Russia Eyes National Stablecoin

Recently, a senior Russian finance official called for the development of a national stablecoin following the US government’s freeze of wallets linked to the sanctioned crypto exchange Garantex. 

Osman Kabaloev, deputy director of the Financial Policy Department at Russia’s Finance Ministry, said recent events highlight the need for internal alternatives to popular stablecoins like USDT. “We do not impose restrictions on the use of stablecoins within the experimental legal regime,” Kabaloev said. 

He added that Russia should consider developing a stablecoin pegged to a different currency—possibly the ruble. This WOULD reduce exposure to foreign pressure.

The push for a Russian stablecoin comes amid a surge in global stablecoin usage. According to a joint study by Artemis and Dune, active stablecoin wallets saw over 50% year-over-year rise. Total market capitalization has surpassed $200 billion in early 2025.

Key Takeaways

•   The Bank of Russia is legalizing crypto investments for “qualified investors” through financial derivatives, securities, and digital financial assets whose yields are linked to cryptocurrency prices. 

• The country’s largest bank, Sberbank, is gearing up to become an official market maker for the country’s regulated crypto platforms.