On May 28, the Bank of Russia significantly changed its policies. It made it possible for investors in financial institutions to test-drive crypto-based financial instruments. The new approach shows that Russia is moving with the world in terms of digital assets while still keeping a firm grip on regulations.
Regulatory Framework and Investor Eligibility
Following the updates, Russian banks can now design derivatives, securities, and similar tools using cryptocurrency prices. Investors must satisfy certain financial conditions to buy these products, which classify them as accredited. The bank suggests using artificial exposure instead of delivering cryptocurrencies directly to buyers.
T-Bank (previously Tinkoff Bank) instantly made digital financial assets available, which connect to Bitcoin. Atomyze approached the Bitcoin ETF, which allows accredited investors to use Bitcoin. As a result, they don’t use crypto platforms or wallets but still follow the Russian rules.
Market Dynamics and Investor Behavior
According to the central bank, Russian crypto asset inflows, about $81.5 billion, increased 51% in Quarter 1 of 2025. Although the state continues to be cautious, this spike in Bitcoin indicates that more investors are considering digital assets.
The Bank of Russia estimates that Russians currently hold 827 billion rubles ($9.2 billion) on centralized cryptocurrency exchanges. Bitcoin makes up the most significant part, with 62%, Ether comes in second with 22%, and stablecoins like USDT and USDC are 15.9%. Such concentration exposes the system to critical systemic risks, especially within major platforms.
Future Outlook: Experimental Legal Regime
To support further growth in the sector, the Bank of Russia is creating an experimental legal regime (ELR) where a few chosen investors can trade cryptocurrencies directly. The ELR’s purpose is to establish standards and promote greater openness. Furthermore, it provides an opportunity for experienced investors to take bigger risks.
Russia’s approach to crypto seems thoughtfully planned. The Bank of Russia protects the innovation industry by restricting its features to specialized investors and setting strict guidelines. As digital finance grows, Russia seeks to move ahead while still ensuring financial stability.
