Russia’s Central Bank Is Launching a Pilot Program to Allow Elite Investors to Invest in Regulated Cryptocurrencies

This framework will allow select individuals and institutions to trade digital assets within a controlled “legal sandbox”

Russia’s Central Bank is moving forward with plans to launch regulated cryptocurrency investments for elite investors in the country. The framework will allow select individuals and institutions to trade digital assets within a controlled “legal sandbox” with Sberbank, the nation’s largest lender, set to support the rollout as a market maker and liquidity provider.

Experimental Legal Regime for Crypto Investments

For cautious crypto adoption, the Central Bank of Russia has launched an experimental legal regime (ELR) to allow limited cryptocurrency trading. The program targets a narrow group of “super-qualified investors,” defined by high income and substantial asset holdings.

Related: Anonymity in Crypto Transactions Is Now Officially a ‘Myth’ - Bank of Russia

Alexander Zozulya, director of the global markets department at Sberbank, said the bank will participate as a liquidity provider and market maker on regulated Russian platforms. These platforms will offer direct crypto access only to investors who meet stringent criteria.

“The Central Bank has taken an important step by announcing the development of an ELR for crypto transactions,” Zozulya told RBC. “We expect the launch of a regulated crypto sandbox, where top-tier investors will be permitted to operate directly with digital assets.”

Strict Criteria Define Eligible Elite Investors for Crypto Sandbox

To qualify for participation, individuals must have over 100 million rubles in financial assets or annual income exceeding 50 million rubles. Existing qualified investors may also be included, while financial institutions will need to meet further regulatory requirements to participate.

The ELR is intended to operate for three years. During this period, regulatory authorities will assess the risks, develop infrastructure, and refine legal parameters. The Central Bank and the Russian government are discussing eligibility criteria and necessary legal amendments.

Sberbank Prepares ETF-Style Crypto Products Not Requiring Direct Digital Asset Holding

Zozulya noted that Sberbank already has the infrastructure and is awaiting regulatory approval to launch new investment products. These offerings would not require inclusion in the ELR, as they do not involve direct crypto ownership but would mirror Western-style exchange-traded funds (ETFs), exposing investors to cryptocurrencies such as Bitcoin and Ethereum.

Possible vehicles include structured products, digital financial assets (DFAs), and mutual funds. These tools allow investors to benefit from crypto market movements without holding the assets.

Central Bank to Issue New Rules for Crypto-Linked Instruments

Central Bank Governor Elvira Nabiullina confirmed at the Russian Stock Market 2025 conference on May 16 that rules for issuing crypto-linked financial instruments will soon be clarified.

She said non-deliverable products, those tracking crypto prices without transferring the underlying assets, may be permitted for qualified investors under current regulations and would not require a separate experimental framework.

The Central Bank and the Ministry of Finance are working together on guidelines for such products. Osmon Kabaloev, deputy director of the finance ministry’s policy department, said similar instruments could serve as training tools for investors and might include crypto indices.

Despite cautious progress, experts warn of unresolved risks, particularly around liquidity for new financial instruments. The success of the ELR will depend on how regulators and market participants manage these challenges.