Russia is moving to tighten its approach to stablecoins and other foreign digital assets through a draft cryptocurrency bill that would narrow access for ordinary investors and give stablecoins their own legal treatment under domestic law.
Stablecoins split from crypto category
In the government’s final draft, stablecoins would no longer be regulated in the same way as traditional cryptocurrencies. The proposal creates a separate legal category for them, reflecting the view that stablecoins differ from decentralized crypto assets because they are issued by identifiable entities and come with redemption obligations.
Under the draft, a holder of a stablecoin would have the right to ask the issuer to redeem the token at face value in cash. That feature is presented as the main distinction from cryptocurrencies that typically have no issuer and no contractual obligation to token holders.
The change marks a shift from the previous framework, under which stablecoins were treated like other cryptocurrencies. Under that earlier approach, qualified retail investors could buy them after passing the required testing.
New limits on foreign digital assets
The bill also introduces two legal concepts for foreign digital assets. One category covers foreign digital instruments, described as rights issued under foreign law through foreign information systems, including tokenized assets.
A second category would cover non-deliverable foreign digital instruments. These are defined as instruments that certify monetary claims and allow financial settlements without transferring the underlying asset.
Access to these foreign digital instruments would be restricted. Only professional or qualified investors would be allowed to purchase them under the proposed framework. Retail investors, by contrast, would be limited to products that are specifically approved and listed by the Bank of Russia.
Central bank seeks supervised trading routes
Separate from the draft bill, the Central Bank of Russia has proposed a state-supervised model for stablecoin transactions. Its approach would require all stablecoin trades to take place under state oversight through licensed exchanges or authorized cryptocurrency exchange offices.
Under that proposal, operators of information systems would handle transactions involving Russian-issued digital tokens. Licensed crypto exchangers would be responsible for transactions involving foreign stablecoins.
The central bank’s position reflects concerns it has previously raised about foreign stablecoins. Governor Elvira Nabiullina said the bank remains worried about the ability of foreign issuers to freeze assets held in users’ wallets.
What the proposals would change
Taken together, the draft legislation and the central bank proposal point to a more segmented Russian regime for digital assets. Stablecoins would be carved out from the broader cryptocurrency category, while foreign-issued instruments would face tighter eligibility rules and more direct state oversight.
The measures described in the draft do not amount to a blanket ban, but they would significantly narrow the path for retail participation in foreign stablecoins and related products. Much would depend on whether an instrument qualifies for Bank of Russia approval and how the proposed supervision model is implemented.
The proposals fit a broader pattern of distinguishing between decentralized crypto assets, Russian-issued digital instruments, and foreign-issued products that may carry additional legal and operational risks in the view of regulators.
Source: Coin Edition