Russia to Ban Non-Professional Investors from Purchasing Foreign Stablecoins

Odaily Planet Daily News: The final version of the Russian government's cryptocurrency regulatory bill includes new restrictions, intending to prohibit non-professional investors from purchasing foreign stablecoins. This group covers the vast majority of the country's residents. The bill introduces two new concepts: "foreign digital instruments" and "non-deliverable foreign digital instruments." Collateral-backed stablecoins are classified under the latter. Qualified investors will be allowed to purchase foreign digital instruments, while non-qualified investors can only buy specific assets from a special list issued by the central bank. At the end of June, the Central Bank of Russia proposed a draft framework for stablecoin regulation, requiring all transactions to be conducted under state control and completed through exchanges or licensed exchange points. Central Bank Governor Elvira Nabiullina previously expressed caution regarding foreign stablecoins, noting that their issuers could freeze assets in users' wallets.