Russia’s latest crypto regulation bill includes a new restriction that would block non-professional investors from purchasing foreign stablecoins, according to Bits.media, as cited by ChainCatcher. The affected group covers most of the country’s residents. The final version of the bill introduces two new legal concepts — “foreign digital instruments” and “non-deliverable foreign digital instruments” — with collateral-backed stablecoins classified under the latter category. Under the proposal, qualified investors would be allowed to buy foreign digital instruments, while non-qualified investors could only access certain assets included on a special list maintained by the central bank. The move follows a stablecoin regulatory framework draft put forward by the Bank of Russia in late June, which said all such transactions should take place under state control and be conducted through exchanges or legal exchange points. Bank of Russia Governor Elvira Nabiullina had earlier said the central bank takes a cautious view of foreign stablecoins because issuers can freeze assets held in users’ wallets.
Russia’s latest crypto regulation bill would prohibit non-professional investors from buying foreign stablecoins, according to Bits.media, cited by ChainCatcher. The group includes the vast majority of the country’s residents.
The final version of the bill adds two new concepts: “foreign digital instruments” and “non-deliverable foreign digital instruments.” Collateral-backed stablecoins are classified under the second category. Qualified investors would be allowed to purchase foreign digital instruments, while non-qualified investors would only be able to buy certain assets included on a special list set by the central bank.
In late June, the Bank of Russia proposed a draft stablecoin regulatory framework requiring all transactions to take place under state control and to be conducted through exchanges or legal exchange points. Bank of Russia Governor Elvira Nabiullina had previously said the central bank takes a “cautious” stance on foreign stablecoins because their issuers can freeze assets in users’ wallets.
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