Russia Proposes Ban on Non-Professional Investors Purchasing Foreign Stablecoins

Odaily reports that the final version of the Russian government's cryptocurrency regulatory bill has added new restrictions, proposing a ban on 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 are permitted to purchase foreign digital instruments, while non-qualified investors can only buy specific assets from a special list approved by the central bank. In late 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 stated that she is cautious about foreign stablecoins, as their issuers can freeze assets in users' wallets.