The Central Bank of Russia has proposed restricting cryptocurrency transactions to "particularly qualified investors" who possess over RUB 100 million (US$1.1 million) in securities or have earned more than RUB 50 million (US$560,000) per year.

Source: The Moscow Times

Details:For other citizens, cryptocurrency transactions may be prohibited, with penalties introduced for violations. 

The regulator reaffirmed that "the Central Bank of Russia still does not consider cryptocurrency as a means of payment". It also plans to ban crypto transactions between Russian residents and impose regulatory requirements on financial institutions seeking to invest in digital assets.

Since 1 September 2024, Russia has allowed international settlements in cryptocurrency under an experimental legal framework. However, in late November, Vladimir Putin signed a law recognising digital currencies as taxable property.

Additionally, Russia legalised cryptocurrency mining on 1 November 2024, with new tax regulations for miners taking effect in 2025. However, the government has banned mining in the North Caucasus republics and occupied territories of Ukraine.

Background:Stablecoin issuer Tether recently froze RUB 2.5 billion (US$28 million) worth of USDT on the Russian cryptocurrency exchange Garantex, forcing the platform to suspend operations. 

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