Russia Proposes Limited Crypto Trading for Wealthy Investors in New Pilot Program

The Bank of Russia plans a three-year experiment allowing high-net-worth individuals and institutions to trade cryptocurrencies under strict regulations.

• The Bank of Russia has proposed a controlled three-year pilot program for cryptocurrency trading, limited to 'particularly qualified' investors.
• Eligibility criteria include individuals with over 100 million rubles ($1.14 million) in investments or an annual income exceeding 50 million rubles ($570,000).
• Qualified institutions will also be allowed to participate, with the goal of increasing market transparency and establishing standards for crypto-related services.
• The use of cryptocurrencies as a form of payment remains banned in Russia, and the central bank has emphasized the risks and volatility associated with crypto assets.
• This move follows Russia's recent steps to integrate cryptocurrencies into international trade and mining, partly as a response to Western sanctions.

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