俄罗斯中央银行正在启动一项试点计划，以允许精英投资者投资于受监管的加密货币

该框架将允许精选的个人和机构在受控的“法律沙箱”中交易数字资产

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.

俄罗斯的中央银行正在推动该国精英投资者推出受监管的加密货币投资的计划。该框架将允许精选的个人和机构与全国最大的贷方Sberbank在受控的“法律沙箱”中交易数字资产，该资产将支持推销以市销商和流动性提供商为支持。

Experimental Legal Regime for Crypto Investments

加密投资的实验法律制度

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.

为了谨慎地采用加密货币，俄罗斯中央银行已推出实验法律制度（ELR），以允许有限的加密货币交易。该计划针对的是一组狭窄的“超级合格投资者”，这是由高收入和大量资产持有量定义的。

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

相关：加密交易的匿名性现在正式成为“神话” - 俄罗斯银行

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全球市场部总监Alexander Zozulya表示，该银行将以受监管的俄罗斯平台作为流动性提供商和做市商参加。这些平台将只为符合严格条件的投资者提供直接加密访问。

“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告诉RBC：“中央银行宣布为加密交易的ELR开发而迈出了重要的一步。” “我们预计将推出一个受管制的加密货币沙箱，在该盒子中将允许顶级投资者直接使用数字资产运营。”

Strict Criteria Define Eligible Elite Investors for Crypto Sandbox

严格的标准为加密沙箱定义了合格的精英投资者

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.

要获得参与的资格，个人必须拥有超过1亿卢布的金融资产或年收入超过5000万卢布。还可以包括现有的合格投资者，而金融机构将需要满足进一步的监管要求才能参与。

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旨在运作三年。在此期间，监管机构将评估风险，发展基础设施和完善法律参数。中央银行和俄罗斯政府正在讨论资格标准和必要的法律修正案。

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

Sberbank准备ETF风格的加密产品不需要直接数字资产持有

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已经拥有基础设施，并且正在等待监管部门的批准来推出新的投资产品。这些产品不需要包含在ELR中，因为它们不涉及直接的加密所有权，而是会反映西方风格的交易所交易资金（ETF），使投资者接触了比特币和以太坊等加密货币。

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.

可能的车辆包括结构化产品，数字金融资产（DFA）和共同基金。这些工具使投资者无需持有资产而从加密货币市场移动中受益。

Central Bank to Issue New Rules for Crypto-Linked Instruments

中央银行发布有关加密链接工具的新规则

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.

中央银行州长埃尔维拉·纳比利纳（Elvira Nabiullina）在5月16日在俄罗斯股市2025会议上证实，发行加密货币链接的金融工具的规则将很快澄清。

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.

她说，根据当前法规，合格的投资者可以允许使用不可传输的产品，即跟踪加密货币价格的那些不可传输的加密价格，并且不需要单独的实验框架。

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.

中央银行和财政部正在共同制定此类产品的指南。财政部政策部副主任奥斯蒙·卡巴洛夫（Osmon Kabaloev）表示，类似的工具可以作为投资者的培训工具，可能包括加密指数。

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.

尽管进展谨慎，但专家仍警告未解决的风险，尤其是在新金融工具的流动性周围。 ELR的成功将取决于监管机构和市场参与者如何应对这些挑战。