Russia Plans to Broaden Cryptocurrency Market Access

According to PANews, Russian Deputy Finance Minister Ivan Chebeskov has announced plans to relax the current stringent regulations that limit cryptocurrency market participation to 'highly qualified' investors. The Ministry of Finance and the Central Bank are working on a tiered access mechanism to expand the range of legitimate investors. Currently, individual investors must have at least 100 million rubles in bank deposits and securities, and prove an income exceeding 50 million rubles over the past year to qualify as 'highly qualified.' Chebeskov stated that regulators have reached a basic consensus on easing these restrictions, with future differentiated access standards to be set for non-qualified, qualified, and highly qualified investors. Despite the Central Bank's continued opposition to the free circulation of cryptocurrencies within the country, it has gradually relaxed its policies this year. In March, it proposed allowing the use of cryptocurrencies for cross-border settlements under an 'experimental legal regime,' and in May, it approved the opening of cryptocurrency derivatives to highly qualified investors.