Russia Plans to Ban Non-Professional Investors from Purchasing Foreign Stablecoins

The final version of the Russian government's cryptocurrency regulation bill includes new restrictions, proposing to ban non-professional investors from purchasing foreign stablecoins, a group that encompasses the vast majority of residents. The bill introduces two new concepts: "foreign digital instruments" and "non-deliverable foreign digital instruments," with collateral-backed stablecoins classified under the latter. Qualified investors will be allowed to purchase foreign digital instruments, while non-qualified investors can only buy specific assets listed by the central bank. The Central Bank of Russia proposed a draft framework for stablecoin regulation at the end of June, requiring all transactions to be conducted under national control and completed through exchanges or legal exchange points. Central Bank Governor Elvira Nabiullina has expressed a "cautious attitude" towards foreign stablecoins, as their issuers can freeze assets in users' wallets.

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