Russia Moves to Legalize Domestic Crypto Deals for Retail Buyers

Russia’s central bank has prepared a framework to regulate cryptocurrencies on the domestic market that will allow retail investors to buy them in addition to qualified investors, in a fresh sign of how sanctions have reshaped its approach to the assets.

Non-qualified investors would be allowed to buy the most liquid cryptocurrencies after passing a knowledge test, with transactions capped at 300,000 rubles (about $3,800) per year through a single intermediary, the Bank of Russia said in a statement Tuesday. Qualified investors would be able to buy unlimited amounts of any cryptocurrencies, except anonymous tokens, after passing a risk-awareness test.