Russia proposes banning non-professional investors from purchasing foreign stablecoins

Odaily Planet Daily News: The final version of the Russian government's cryptocurrency regulatory bill adds restrictions, proposing to ban 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," with collateral-backed stablecoins falling into the latter category. Qualified investors may purchase foreign digital instruments, while non-qualified investors can only buy specific assets listed on a special list from the central bank. At the end of June, the Central Bank of Russia proposed a draft stablecoin regulatory framework, requiring all transactions to be conducted under state control and completed through exchanges or legal 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.