The Russian central bank will provide a comprehensive study of the country’s cryptocurrency market and compile its findings within a few months.
The authorities will gather detailed information from market participants to determine how much Russians are invested in crypto assets and derivatives.
Russia Central Bank to conduct large-scale cryptographic investigations
The Russian Central Bank (CBR) is planning to conduct a massive investigation into the Russian cryptocurrency market, media reports have been released citing official documents.
Russia’s major financial regulators plan to study cryptocurrency investments and lending to the sector in early 2026. Commenting on the issue, the bank explained in detail.
“This survey is being conducted as of January 1, 2026 to assess supervisors’ investments in cryptocurrency, including risk hedging purposes and the amount of loans to cryptocurrencies.”
The investigation is scheduled to take place in January and February, according to sources cited by news agencies Tass and Interfax, as well as Russian crypto news outlet Bits.media.
Banks and financial institutions are expected to submit data required by the financial authorities by February 1st.
CBR revealed that after collecting all necessary information, it will determine the participants group for future surveys.
Meanwhile, central banks are investigating investments in digital financial assets (DFA) with returns tied to cryptocurrency prices, Interfax states in its report.
Responsible entities are obligated to submit this type of data monthly within the 10th business day of each month following the investigation period.
Under a dedicated law that came into effect in early 2021, Russia defined DFA as representing tokenized real-world assets.
It is issued privately rather than public blockchains, and is based on its value, although it differs from decentralized cryptocurrencies only by CBR-authorized platforms.
Russia’s regulated crypto market remains reserved for a small number of investors
The Bank of Russia, a long-term opponent of crypto legalization, allowed in March to access and trade cryptocurrencies within the framework of an “experimental legal system.”
Both businesses and wealthy Russians could fall into that category. To obtain status, an individual must certify investments in securities and deposits of more than 100 million rubles, or investments in annual income from at least 50 million rubles (over $1.2 million and $600,000 respectively).
Then, in May, regulators allowed financial institutions to provide the same investor derivatives that provide indirect exposure to crypto assets. Players in established markets, including Russia’s giant Sberbank and Moscow exchanges, quickly took advantage of the new market.
In September, regulators expressed their intention to allow investment funds to acquire crypto derivatives in 2026, recognizing capital management companies to grow industries currently controlled by brokers.
For now, cryptocurrency and crypto-based products remain legally available only to financial companies and wealthy Russian citizens. The CBR hopes to keep it that way, perhaps to protect ordinary Russians from the risk of code.
However, the Treasury, which has maintained a more freer attitude on the issue, recently proposed relaxing the requirements for qualified investors to expand regulated access to crypto assets and derivatives. The proposal has not yet been approved by the central bank.
