Banco da Rússia flexibiliza regras para investimentos em ativos digitais em 2025

O regulador financeiro russo está abrindo as comportas. Novas diretrizes, anunciadas hoje, redefinem como investidores institucionais e qualificados podem acessar criptomoedas e tokens digitais.

O Que Mudou na Prática

As regras anteriores eram notoriamente rígidas, tratando grande parte do setor com desconfiança. A nova estrutura cria caminhos claros—ainda que com guardrails. Pense em limites de alocação em portfólio, requisitos de custódia e uma lista de ativos "aprovados" que lembra os critérios de uma exchange tradicional, só que com a assinatura do Kremlin.

Um Sinal para o Mercado

Esta não é uma adoção desenfreada, mas um reconhecimento pragmático. A Rússia não quer ficar para trás na corrida financeira digital. Ao estabelecer regras, eles estão tentando domesticar o mercado—capturar sua inovação e liquidez, enquanto mantêm o controle. É a velha dança entre reguladores e disruptores, com um toque de geopolítica.

O impacto imediato? Legitimidade. Quando um banco central desse porte traça um caminho, mesmo que estreito, outros observam. Pode pressionar reguladores em economias emergentes a seguirem o exemplo ou a criarem seus próprios frameworks—antes que seus capitais sigam para jurisdições mais amigáveis.

No fim, é mais um capítulo na lenta, mas inevitável, institucionalização das criptomoedas. Os puristas podem torcer o nariz, mas para o mercado tradicional, é só mais uma classe de ativos para ser colocada em uma planilha—compliance primeiro, disrupção depois. Afinal, nada diz 'inovação financeira' como uma boa e velha lista de permissões burocrática.

Russia adopts requirements for DFA investors and instruments

Russia’s monetary authority has published new rules for the acquisition of digital financial assets by both “qualified” and “non-qualified” investors in the country.

The regulations apply to DFAs as defined by the Russian law “On Digital Financial Assets” from 2021, which covers instruments such as tokenized securities and other real assets as well as digital rights.

Unlike cryptocurrencies, these products are issued on private blockchains managed by operators approved by the CBR, although the bank intends to permit their circulation on public networks next year to help Russian companies attract foreign investment.

According to the central bank’s directive, non-qualified investors will be free to acquire the most popular DFAs, with payouts independent of any variable indicators. That includes debt assets as well, the regulator remarked in a press release on Monday.

Starting in 2026, the same group of retail investors will also be granted access to DFAs with returns dependent on changes in indicators such as inflation, the key interest rate and the prices of precious metals and stocks.

Their purchases will be capped at a maximum of 600,000 rubles (nearly $7,700). However, the annual limit will be subject to correction – if the digital assets are redeemed or sold within a year, the owner will have the right to buy additional DFAs with the proceeds.

The document amends the classification of all DFAs available in the Russian market, the business news outlet RBC noted in a report. Regardless of who’s buying them, they must have high credit ratings, the financial authority said and stressed:

“Some of them must also provide capital protection, meaning they offer the return of the initial investment.”

Acceptable rating levels for DFAs and their issuers will be established by a decision of the Board of Directors of the Bank of Russia, the CBR further detailed.

Digital financial assets (DFAs) that carry increased risks will be accessible exclusively to qualified investors, the bank also emphasized. The same applies to tokenized versions of securities.

Legal entities acquiring digital rights will not be subject to any restrictions under the Bank of Russia’s updated framework.

New DFA rules follow Russia’s new crypto policy

The announcement of the new regulations for investments in Russian digital financial assets comes after earlier in December the CBR published the key points in its new regulatory concept for crypto.

The strategy aims to recognize cryptocurrencies and stablecoins as currency or monetary assets and widen investor access to decentralized digital assets, as reported by Cryptopolitan.

The Central Bank of Russia suggests permitting qualified investors to obtain any crypto they want, except anonymous coins.

It also envisages allowing non-qualified investors to buy the most liquid digital currencies like Bitcoin for up to 300,000 rubles annually (around $3,800).

The proposals have been submitted to the federal government and Russian lawmakers are expected to adopt the respective amendments by July 1, 2026.

Last week, the monetary policy regulator made it clear the crypto rules will affect the market for domestic DFAs. One of the main changes will be the authorization of Russian entities to issue them on public networks to attract capital from abroad.

According to a forecast made earlier this year, the Russian market for crypto investment products may exceed 2 trillion rubles next year, or over $25 billion, according to current exchange rates at the time of writing.

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