Russia Proposes Ban on Non-Professional Investors Buying Foreign Stablecoins

Odaily Planet Daily News: The latest version of the Russian government's crypto regulation bill includes new restrictions, proposing to ban non-professional investors—a group that covers the vast majority of the country's residents—from purchasing foreign stablecoins. 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 are permitted to buy foreign digital instruments, while non-qualified investors can only purchase specific assets on a special list approved by the central bank. At the end of June, the Bank of Russia proposed a draft regulatory framework for stablecoins, requiring all transactions to be conducted under state control and completed through exchanges or authorized exchange points. Central Bank Governor Elvira Nabiullina previously expressed caution towards foreign stablecoins, noting that their issuers could freeze assets in users' wallets.