The Central Bank of Russia is pushing a policy aimed at restricting cryptocurrency trading to ultra-high-net-worth investors through controlled experimental mechanisms. This policy requires banks, brokers, and exchanges to verify investor eligibility and prevent individuals who do not meet strict financial criteria from trading.
The implementation of this policy began with a formal proposal in March 2025 and was further reinforced by senior officials in October. This will effectively exclude the vast majority of Russian retail investors from legitimate cryptocurrency participation while shifting regulatory responsibilities to licensed financial intermediaries.
According to the proposal from the Central Bank of Russia, a special experimental legal mechanism will be created for a period of three years. Within this mechanism, spot cryptocurrency trading will be limited to individuals classified as “special qualified investors.”
Outside of the experimental mechanism, the Central Bank of Russia proposed a complete ban on cryptocurrency settlements between Russian residents, establishing legal liabilities for violators. This dual structure will technically render cryptocurrency activities between most Russians illegal unless conducted through newly established regulated channels.
Under the new mechanism, the threshold to become a “special qualified investor” is extremely stringent, effectively excluding all retail participants in Russia. Individuals must hold securities and deposits exceeding 100 million rubles to qualify.
The proposal also requires individuals seeking this status to have an income exceeding 50 million rubles in the previous year. At current exchange rates, these thresholds roughly equate to assets of about $1.2 million and an annual income of $600,000. In contrast, the average annual salary in Russia is only a small fraction of this figure, meaning the proposal will limit legitimate crypto investments to a very narrow demographic.
The framework from the Central Bank of Russia does not rely on traders self-certifying their eligibility but places the enforcement responsibility directly on financial intermediaries. This approach is similar to the operation of traditional securities markets in Russia, where brokers screen clients for qualified investor status before allowing access to complex financial instruments. The difference is that the crypto proposal will make intermediary screening the primary enforcement mechanism rather than a supplementary compliance layer.
Although the media has described the Central Bank of Russia's push as a mandatory identity verification requirement for all crypto traders, existing evidence does not fully support this claim. Major source documents obtained from the Central Bank of Russia or other authoritative government channels do not explicitly state that every cryptocurrency trader must undergo identity verification checks.