Russia to Restrict Access to Stablecoins

Russia intends to restrict retail investors’ access to foreign stablecoins. At the same time, new regulations will bring all trading in these assets under state supervision.

The proposed changes appear in the latest version of Bill No. 1194918–8, “On Digital Currencies and Digital Rights.” The bill separates stablecoins from the broader cryptocurrency market and establishes a distinct legal category for them.

Unlike decentralized cryptocurrencies, stablecoins have identifiable issuers. Token holders can request redemption at face value and receive the equivalent amount in cash. Traditional cryptocurrencies have no issuer and offer investors no comparable obligation.

The new regulations will also cover digital instruments issued under foreign law. The bill divides them into tokenized assets and instruments representing monetary claims, which allow transactions to be settled without transferring the underlying asset.

Only professional and qualified investors will be allowed to access such products. Other investors will be limited to instruments approved by the Bank of Russia and included on its official list.

The central bank also wants all stablecoin transactions to take place under state control. Operations will have to be conducted through licensed exchanges or authorized cryptocurrency exchange services. Licensed intermediaries will handle foreign stablecoins, while tokens issued in Russia will be managed by information system operators.

Bank of Russia Governor Elvira Nabiullina says foreign stablecoins raise concerns because their issuers can freeze assets held in users’ wallets.

The proposal does not amount to a complete ban on stablecoins. Instead, it limits access to foreign-issued tokens. Meanwhile, Russia is rapidly developing its cryptocurrency regulations as it seeks to adapt its financial system to the pressures created by Western sanctions.