The Bank of Russia and the Ministry of Finance are considering the possibility of softening their approach compared to the initial proposals. By the end of 2025, a unified regulatory framework is expected to be agreed upon.
First of all, regulators have come to the conclusion that the access threshold to cryptocurrencies should be lowered. Limiting access exclusively to “super-qualified investors” within the framework of a legal experiment has shown that nearly 90% of market participants interested in crypto circulation remain excluded.
Now, the possibility of granting access to regular “qualified investors” is being considered. The requirements for this category are significantly lower and generally achievable. In the future, such investors will be allowed to enter the market after passing a special qualification test — finally, something like a crypto exam.
In addition, discussions are underway about removing stablecoins from the general category of digital financial assets (DFAs), which would imply the development of a separate law to regulate their circulation. If everything goes according to plan, it may soon become realistic to talk about the full legal use of stablecoins in international settlements.
Overall, it can already be said that the Central Bank and the Ministry of Finance are gradually beginning to recognize that, under current conditions, cryptocurrency has become a necessary — and in many cases the only — viable means of conducting settlements in international economic relations.