Author: Conflux

Russia is preparing a complete regulatory framework for cryptocurrencies, establishing legal protections and compliant trading channels for crypto assets.

Now, there has been a recent development in this process: the Russian government has approved a new draft cryptocurrency bill, which is planned to be incorporated into the national legal system within this year. According to the bill, exchanges will only be able to list major digital assets that meet strict standards in terms of market capitalization, trading volume, and trading history, while the annual investment limit for ordinary investors has also been explicitly restricted.

This means that Russia is not simply "liberalizing crypto," but is instead screening controllable major assets, with legal protection and regulatory screening implemented simultaneously, ensuring both investors' rights and preventing market loss of control.

Screening rather than loosening

The bill stipulates that eligible cryptocurrencies for trading must meet three stringent criteria:

• Market capitalization: averaging over 60 billion USD in the past two years
• Daily average trading volume: over 12 billion USD
• Trading history: at least five years

In other words, only super-large cryptocurrencies like Bitcoin and Ethereum qualify to enter the market. Other medium and small projects are directly excluded. This resonates with the ruling made by the Russian Constitutional Court in January: the state recognizes its property rights, but only enforces them within a controllable asset range.

Controllable crypto ecosystem

The core aspect of this system is not the thresholds, but that the list is determined by the central bank.

In other words:

• Which coins can be traded
• Which coins can be held
• Which coins must be prohibited

All is decided by the Bank of Russia. Additionally, the Russian financial intelligence agency has the extra power to directly "blacklist" certain crypto assets. One of the most clearly defined categories is: privacy coins.

This actually conveys a very clear signal: crypto assets can exist, but must exist under the premise of being "regulatable, traceable, and controllable."

The bill also clarifies that cryptocurrencies and stablecoins are defined as "monetary assets," meaning they have entered the legally recognized monetary system, rather than being mere speculative tools.

However, at the same time, Russia has imposed a restriction: an annual investment limit for ordinary people: 4,000 USD. This creates a very typical structure: the state acknowledges it as "money," but does not allow it to become "free money."

Finding a new path

If we compare Russia's logic with other major global markets, we can see it is paving a completely different regulatory path.

United States:

• Binding the dollar system through stablecoins
• Using market mechanisms to expand the influence of the dollar
• Allowing private institutions to be the issuers

Hong Kong:

• Attracting institutions through a licensing system
• Emphasizing "compliance + innovation"
• Attempting to become a global liquidity hub

Meanwhile, Russia's path is: state-led + asset screening + risk closure.

Behind this are actually three completely different financial philosophies:

• United States: Expansion
• Hong Kong: Connection
• Russia: Control

State logic under rules

From the perspective of the crypto industry, Russia's rules are very strict; but from the perspective of national financial security, they are very reasonable:

• Preventing capital outflows
• Avoiding uncontrolled asset shocks to the financial system
• Maintaining absolute control over the flow of funds

Especially in the current global financial game environment, what Russia needs more is a controllable alternative system, rather than an open new system. Major digital assets are allowed to circulate, but the market as a whole remains under state control.

A future model?

At international venues like the G20, countries' attitudes toward cryptocurrency regulation are gradually aligning, exploring its potential value while preventing risks. Russia's "selected model" may provide a new idea for other countries: rather than banning it outright, it is better to focus efforts on regulating major assets.

This model holds great appeal for some countries seeking financial sovereignty and not wishing to be entirely dependent on the existing international financial system. Its biggest advantages are:

• No need for complete openness
• No need to accept the dollar system
• Yet able to utilize the liquidity of crypto assets

If more countries adopt a similar structure, the global crypto landscape could be reshaped—from a single unified market to a new pattern of national partitioning and graded regulation.

For industry participants, this means: crypto assets are no longer just speculative tools, but may become controllable and executable foundational assets in each country's financial system.

And for countries concerned about financial sovereignty, this model offers a path that balances innovation and security—allowing participation in global value flows while maintaining absolute control over systemic risks.

*The content of this article is for reference only and does not constitute any investment advice. The market has risks, and investments should be made cautiously.

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