Russia’s central bank has conducted a comprehensive study of the country’s cryptocurrency market and plans to compile its findings in the coming months.
Authorities plan to collect detailed information from market participants to determine how much Russians are investing in crypto assets and derivatives.
Russia’s central bank to conduct large-scale cryptocurrency investigation
The Central Bank of Russia (CBR) plans to conduct a major investigation into the Russian crypto asset market, media reports have revealed citing official documents.
Russia’s main financial regulator plans to investigate crypto investments and lending in this area in early 2026. The bank commented in detail on this matter as follows:
“This investigation is being conducted to assess the monitored entities’ investments in cryptocurrencies, including for risk hedging purposes, and the amount of their loans to crypto companies as of January 1, 2026.”
The study is expected to be conducted in January and February, according to documents cited by news agencies TASS and Interfax, as well as Russian cryptocurrency news outlet Bitsmedia.
Banks and financial institutions are expected to submit data required by financial authorities by February 1.
CBR revealed that it will decide on the next group of participants for the survey after collecting all the necessary information.
Meanwhile, the central bank is also considering investing in digital financial assets (DFA), which provide returns linked to the price of cryptocurrencies, Interfax said in a report.
Responsible entities are obliged to submit this type of data monthly, no later than the 10th business day of each month following the survey period.
Under a dedicated law that came into effect in early 2021, Russia defined DFAs as representing tokenized real-world assets.
It is different from decentralized cryptocurrencies because it is issued on a private blockchain rather than a public blockchain and only issued by CBR certified platforms, but it can be issued based on its value.
Russia’s regulated crypto market remains reserved for a small number of investors
The Bank of Russia, which has long opposed the legalization of cryptocurrencies, in March granted access to and trading in cryptocurrencies to a limited group of “highly qualified” investors within the framework of an “experimental legal regime.”
Both companies and Russia’s wealthy could fall into that category. To qualify, individuals must prove that they have invested in securities or deposits worth more than 100 million rubles, or have an annual income of at least 50 million rubles in the past year (more than $1.2 million and $600,000, respectively).
Then, in May, regulators allowed financial institutions to offer derivatives that provide indirect exposure to crypto assets to the same investors. Existing market players such as Russian giant Sberbank and the Moscow Exchange quickly entered the new market.
In September, regulators said they intend to allow investment funds to acquire crypto derivatives in 2026, allowing capital management firms to enter a growing industry currently dominated by brokers.
For now, cryptocurrencies and crypto-based products remain legally available only to financial companies and wealthy Russian citizens. The CBR wants to keep it this way, presumably to protect ordinary Russians from the risks of cryptocurrencies.
However, the Treasury Department, which has maintained a more liberal stance on the issue, recently proposed relaxing requirements for accredited investors to expand regulation of access to crypto assets and derivatives. This proposal has not yet been approved by the central bank.
