Russia plans to restrict non-professional investors from buying foreign stablecoins

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Mars Finance news, citing Bits.media, reports that the final version of Russia’s crypto regulatory bill has introduced additional restrictions, with plans to prohibit non-professional investors from buying foreign stablecoins—this group includes the vast majority of residents in the country. The bill adds two concepts: “foreign digital instruments” and “foreign digital instruments with no settlement.” Collateral-backed stablecoins are categorized under the latter. Qualified investors may purchase foreign digital instruments, while non-qualified investors may only purchase specific assets from the central bank’s special list. At the end of June, the Bank of Russia proposed a draft stablecoin regulatory framework, requiring that all transactions be carried out under state control, through exchanges or legally authorized exchange points. Bank of Russia Governor Elvira Nabiullina previously said she has “cautious” views on foreign stablecoins, as their issuers can freeze assets in users’ wallets.
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