俄羅斯中央銀行正在啟動一項試點計劃，以允許精英投資者投資於受監管的加密貨幣

該框架將允許精選的個人和機構在受控的“法律沙箱”中交易數字資產

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.

俄羅斯的中央銀行正在推動該國精英投資者推出受監管的加密貨幣投資的計劃。該框架將允許精選的個人和機構與全國最大的貸方Sberbank在受控的“法律沙箱”中交易數字資產，該資產將支持推銷以市銷商和流動性提供商為支持。

Experimental Legal Regime for Crypto Investments

加密投資的實驗法律制度

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.

為了謹慎地採用加密貨幣，俄羅斯中央銀行已推出實驗法律制度（ELR），以允許有限的加密貨幣交易。該計劃針對的是一組狹窄的“超級合格投資者”，這是由高收入和大量資產持有量定義的。

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

相關：加密交易的匿名性現在正式成為“神話” - 俄羅斯銀行

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.

Sberbank全球市場部總監Alexander Zozulya表示，該銀行將以受監管的俄羅斯平台作為流動性提供商和做市商參加。這些平台將只為符合嚴格條件的投資者提供直接加密訪問。

“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.”

Zozulya告訴RBC：“中央銀行宣佈為加密交易的ELR開發而邁出了重要的一步。” “我們預計將推出一個受管制的加密貨幣沙箱，在該盒子中將允許頂級投資者直接使用數字資產運營。”

Strict Criteria Define Eligible Elite Investors for Crypto Sandbox

嚴格的標準為加密沙箱定義了合格的精英投資者

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.

要獲得參與的資格，個人必須擁有超過1億盧布的金融資產或年收入超過5000萬盧布。還可以包括現有的合格投資者，而金融機構將需要滿足進一步的監管要求才能參與。

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.

ELR旨在運作三年。在此期間，監管機構將評估風險，發展基礎設施和完善法律參數。中央銀行和俄羅斯政府正在討論資格標準和必要的法律修正案。

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

Sberbank準備ETF風格的加密產品不需要直接數字資產持有

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.

Zozulya指出，Sberbank已經擁有基礎設施，並且正在等待監管部門的批准來推出新的投資產品。這些產品不需要包含在ELR中，因為它們不涉及直接的加密所有權，而是會反映西方風格的交易所交易資金（ETF），使投資者接觸了比特幣和以太坊等加密貨幣。

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.

可能的車輛包括結構化產品，數字金融資產（DFA）和共同基金。這些工具使投資者無需持有資產而從加密貨幣市場移動中受益。

Central Bank to Issue New Rules for Crypto-Linked Instruments

中央銀行發布有關加密鏈接工具的新規則

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.

中央銀行州長埃爾維拉·納比利納（Elvira Nabiullina）在5月16日在俄羅斯股市2025會議上證實，發行加密貨幣鏈接的金融工具的規則將很快澄清。

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.

她說，根據當前法規，合格的投資者可以允許使用不可傳輸的產品，即跟踪加密貨幣價格的那些不可傳輸的加密價格，並且不需要單獨的實驗框架。

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.

中央銀行和財政部正在共同製定此類產品的指南。財政部政策部副主任奧斯蒙·卡巴洛夫（Osmon Kabaloev）表示，類似的工具可以作為投資者的培訓工具，可能包括加密指數。

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.

儘管進展謹慎，但專家仍警告未解決的風險，尤其是在新金融工具的流動性周圍。 ELR的成功將取決於監管機構和市場參與者如何應對這些挑戰。