The Central Bank of Russia is taking action to establish a layered system for investing in crypto assets. In the recent regulatory document submitted to the government, a clear approach was outlined: different participation rules are set based on the investor's identity and risk tolerance.

First, let's clarify the premise—cryptocurrency assets are classified as high-risk instruments, with no endorsement from any country or judicial authority. They are highly volatile and carry sanctions risks, and these costs must be borne by the investors themselves. This is not an attempt to scare but a fundamental bottom line repeatedly emphasized within the framework.

Regarding payment issues, the central bank has drawn a strict line: crypto assets and stablecoins can be legally bought, sold, and held, but absolutely cannot be used within Russia for goods and services payments. You may ask why? Simply put, they aim to protect the ruble's monetary status and prevent crypto from becoming an alternative payment tool. This reflects a long-term sovereign monetary policy stance.

The most interesting part is the tiered design. Ordinary investors (non-qualified investors) can only access "high liquidity" crypto assets, with the specific list to be determined by legislation, and they must pass risk and knowledge tests first. The key restriction is—an annual investment limit of 300,000 rubles, and transactions must be conducted through a single compliant intermediary. This is a measure to reduce retail investor risk and also leaves a controlled exit for market demand.

Qualified investors enjoy much more relaxed treatment. After passing the tests, they can invest in anything except anonymous coins, with no transaction limits. The central bank's definition of anonymous coins points to those with strong privacy features—this policy detail is still under discussion.

The logic of this scheme is quite clear: acknowledging market realities, risk is managed through access controls, scale is limited by monetary caps, and bottom lines are maintained through functional restrictions. Russia is exploring a path that neither fully bans nor completely deregulates the market.