The Ministry of Finance in Moscow has voiced support for the Bank of Russia’s push to expand investor access to cryptocurrencies.
A high-ranking representative of the department also said that a suggested cap on crypto investments is still subject to discussions and change.
Minfin stands behind Moscow’s policy shift regarding cryptocurrency
The Russian Ministry of Finance (Minfin) supports the recently unveiled regulatory concept of the Central Bank of Russia (CBR), which allows non-qualified investors to purchase and trade cryptocurrencies like Bitcoin (BTC).
This was stated by its deputy head, Ivan Chebeskov, who made a series of comments on the upcoming rules for the market during the country’s “First Political Crypto Forum.”
Organized by the nationalist right-wing Liberal Democratic Party of Russia, the event was focused on “legislative regulation of cryptocurrency and mining.”
“Of course, we support it, because our original approach to this issue was to comprehensively regulate the industry,” Chebeskov said in reference to the proposal published by the monetary authority in late December.
The Minfin official highlighted that financial authorities are now leaving behind previous arrangements, such as the experimental legal regime introduced last year for cross-border crypto payments and limited investments, and the regulation of individual sectors, such as mining, which was legalized in 2024.
Quoted by the business news outlet RBC on Thursday, Chebeskov elaborated:
The Bank of Russia’s new plan envisages recognizing cryptocurrencies and stablecoins as “currency assets” and admitting even ordinary Russian citizens to the crypto market, albeit under certain restrictions, as reported by Cryptopolitan.
Finance ministry allows for adjustment of limit on crypto purchases
While currently only “highly qualified” investors are permitted to legally buy crypto, the new framework, expected to be adopted by July 1, will invite “regular” qualified as well as non-qualified investors.
However, financial regulators intend to limit investments for the latter category to 300,000 rubles a year, a little over $3,800, and only to the most liquid assets.
The first two groups will be able to acquire any digital currency, except anonymous coins, and without restrictions on the amount.
Both qualified and non-qualified investors will have to pass tests to determine their level of understanding of the relevant risks.
Speaking to reporters on the sidelines of the crypto conference, Ivan Chebeskov hinted that the above-mentioned limit may be changed. Noting the threshold has been determined in talks with the CBR, he explained:
While agreeing with the restrictions for non-qualified investors in general, Russian brokers interviewed by RBC argued that the currently pitched annual limit on crypto purchases could safely be doubled.
Meanwhile, LDPR leader Leonid Slutsky joint previous calls for an amnesty for illegally imported mining equipment and urged the central bank and the finance ministry to cooperate with mining firms.
Since late 2024, both companies and sole proprietors are free to engage in the activity, provided they register their businesses and hardware with Russia’s tax authority, the FNS. However, the majority of the enterprises operating in the sector are yet to report to the state.
Quoted by the TASS news agency, Slutsky expressed his belief that the measure would support the legalization of the industry and help reduce the risk of miners entering the shadow economy out of fear of being prosecuted for utilizing unregistered equipment.
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Source: https://www.cryptopolitan.com/russias-finance-ministry-backs-opening-crypto-market/
