Russia’s central bank has officially acknowledged that the country’s cryptocurrency regulations may be eased. Last week, Deputy Finance Minister Ivan Chebeskov announced that current regulations that only allow a limited number of “highly qualified” investors to access decentralized digital assets like Bitcoin are about to be revised.
Following this statement, Russian Central Bank First Deputy Governor Vladimir Chistyukhin confirmed to reporters that the issue of using the term “highly qualified investor” as a mandatory criterion for new crypto regulations is being reconsidered.
“As my colleagues at the Treasury Department have said, we are discussing the extent to which this term is needed in new regulations,” Tszychukhin said.
Chistyukhin also said the central bank is likely to relax rules regarding crypto assets in general.
He stressed that current regulations, which only allow access to a limited number of investors, are insufficient, especially at a time when it is becoming increasingly difficult for Russian individuals and companies to use traditional currencies for payments abroad.
Experts say Russia’s move is linked to both efforts to overcome growing difficulties in international payments due to sanctions pressure and growing domestic demand for digital assets.
The new regulations are expected to provide access to crypto assets to a wider range of users and bring significant changes to the country’s digital economy strategy.
*This is not investment advice.
Discover more from Earlybirds Invest
Subscribe to get the latest posts sent to your email.
