Russia is set to restrict retail access to foreign stablecoins, allowing only qualified investors to purchase these digital assets under a new crypto bill.
The legislation introduces a distinct legal category for stablecoins, separating them from other cryptocurrencies by recognizing their issuer-backed nature and redemption rights.
Under the proposed rules, stablecoin holders gain the right to redeem tokens at face value in cash, a feature not present in decentralized cryptocurrencies without issuers or contractual obligations.
The bill, numbered 1194918-8 and titled On Digital Currencies and Digital Rights, also defines new categories for foreign digital assets. It distinguishes between foreign digital instruments issued under foreign laws and non-deliverable foreign digital instruments that certify monetary claims without transferring underlying assets.
Only professional or qualified investors will be permitted to buy foreign digital instruments. Retail investors will be limited to products explicitly approved and listed by the Bank of Russia.
Separately, the Central Bank of Russia proposed state supervision of all stablecoin transactions. Licensed exchanges and authorized crypto exchange offices would oversee operations, with domestic tokens handled through information system operators and foreign stablecoins managed by licensed crypto exchangers.
These regulatory developments aim to tighten control over stablecoin trading and align with broader efforts to regulate digital financial products in Russia.
This article provides informational content and does not constitute financial advice.
