Russia is on the verge of opening to crypto as an investment with the latest proposal from the central bank. Following President Vladimir Putin’s instructions, the bank introduced a proposal to allow cryptocurrency trading activities in the country under an experimental regime.

The regime, which is set to last for three years, would limit these activities to “particularly qualified investors,” a new classification directed to Russian citizens with over 100 million rubles (nearly $1.15 million) in deposit and securities investments, or with an income of at least half of that quantity registered the year before. This status would have to be processed, and would not be automatically issued to investors fulfilling these conditions.

Companies that are qualified investors now would be automatically upgraded to this new tier, and financial institutions entering this sandbox would have to follow the directives of the central bank depending on the level of risk of their specific investment.

The bank stated that this new investment classification would be created to allow investors to take advantage of these opportunities while acknowledging and accepting the level of risk crypto entails.

Also, the bank will open investments in crypto derivatives, such as securities and digital financial assets, that do not require the settlement or delivery of crypto to their investors outside of the proposed regime. Several market actors have embraced this news, with the San Petersburg Exchange (SPB) already planning to offer these options soon.

Nonetheless, the stance of the Bank of Russia on crypto has not changed, and the asset class is still not recognized as a valid means of payment. The institution remarked that, if approved, this experimental regime would include a blanket ban on peer-to-peer transactions and establish responsibilities for participants making use of crypto for payments and personal dealings.

Read more: Russia Says No to Bitcoin in Wealth Fund—But Top Official Signals Potential Future Shift

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