The Bank of Russia has proposed a three-year experimental legal framework that would allow a limited group of investors to trade cryptocurrencies, marking a potential shift in the country’s digital asset regulations.

The central bank announced on March 12 that it had submitted proposals to the Russian government for discussion. The initiative would grant access to crypto trading to investors who hold at least $1.1 million in securities and deposits.

However, the proposal also includes penalties for violations of the experimental regime.

According to the statement:

“The Bank of Russia still does not consider cryptocurrency as a means of payment. Therefore, it proposes to also introduce a ban on settlements between residents on transactions with cryptocurrency outside the experimental legal regime, as well as establish liability for violating the ban.”

Despite the proposal, the country’s stance on digital assets remains restrictive. The central bank reiterated that retail crypto payments will remain prohibited even if the proposed trial moves forward.

Russia banned crypto payments under its “On Digital Financial Assets” law, which took effect in January 2021.

Market transparency and opportunities

The Bank of Russia said the experimental program’s purpose is to enhance market transparency and establish regulatory standards for cryptocurrency service providers. It also aims to expand investment opportunities for experienced traders willing to accept heightened financial risks.

The proposal also includes provisions to allow qualified financial institutions to participate in the trial, suggesting that regulated companies could be permitted to invest in digital assets. This could pave the way for Russian firms to adopt a Bitcoin accumulation strategy similar to Strategy (formerly MicroStrategy).

Under the proposed framework, direct crypto trading will be limited to select investors. However, all qualified investors will have access to derivative financial instruments and securities tied to cryptocurrency values.

The proposal follows Russia’s ongoing efforts to explore digital assets for international trade. In December 2024, Finance Minister Anton Siluanov confirmed that the country had been actively experimenting with crypto transactions for foreign trade under a separate experimental legal regime implemented in September 2024.

The government has yet to formally approve the Bank of Russia’s proposal. If enacted, the framework could mark a significant step toward integrating digital assets into Russia’s financial system while maintaining strict controls on domestic transactions.

The company that created the Bored Ape Yacht Club (BAYC) NFTs, Yuga Labs, is celebrating a significant court win. Without pursuing any enforcement measures, the US Securities and Exchange Commission (SEC) has formally concluded its investigation into the company.

This decision brings an end to a probe that lasted more than three years and questioned whether Yuga Labs’ NFT sales and its ApeCoin (APE) token should be classified as securities.

The SEC Probe And Its Purpose

The SEC first launched its investigation into Yuga Labs in October 2022. At the time, regulators were looking into whether BAYC NFTs and ApeCoin fell under federal securities laws. The inquiry was part of a broader effort to determine how digital assets should be regulated in the US.

Yuga Labs maintained throughout the investigation that NFTs are not securities. On March 3, 2025, the company announced on X (formerly Twitter) that the SEC had officially closed its case, calling it “a huge win for NFTs and all creators pushing our ecosystem forward.”

After 3+ years, the SEC has officially closed its investigation into Yuga Labs.

This is a huge win for NFTs and all creators pushing our ecosystem forward. NFTs are not securities.

— Yuga Labs (@yugalabs) March 3, 2025

A Long Wait For Clarity

Yuga Labs worked in the shadow of the SEC’s probe for over three years. The NFT space was tense due to the uncertainties around possible regulatory action. Many industry participants were concerned that a decision against Yuga Labs might result in more stringent guidelines for other NFT initiatives.

Now that the case has been dropped, some see it as a sign that regulators might be rethinking their approach to NFTs. Others believe this could simply be one of many steps before the SEC fully determines how it wants to handle digital collectibles.

How The NFT Market Reacted

The news was met with a positive response from the NFT community. Yuga Labs supporters and industry figures hailed the SEC’s decision as a sign that NFTs may not face the same regulatory scrutiny as some cryptocurrencies.

But it’s still not clear what the SEC will do with other NFT projects in the future. The investigation into this case is over, but that doesn’t mean that similar ones won’t happen again in the future. For now, Yuga Labs has come out on top.

What This Means For Crypto Regulation

The SEC’s decision to discontinue its investigation without filing charges may have an impact on how regulators view NFTs in the future. While this does not establish a legal precedent, it does suggest that the agency is willing to distinguish between different sorts of digital assets.

Some experts think this could be a turning point, while others warn that it will be a long time before regulations are clear. No matter what, the end of this probe is good for Yuga Labs and the NFT space as a whole.

Featured image from Gemini Imagen, chart from TradingView