Russia's Nabiullina: 300K-Ruble Crypto Cap Shields 'Non-Qualified' Investors

The governor stressed that the distinction between investor categories is standard practice across financial regulation, not unique to crypto. She pointed to two specific risks driving the caps: the potential for digital assets held abroad to be seized from Russian owners, and the crypto market's inherent volatility.

"Transfer of ordinary foreign currency to foreign accounts is not limited because that might be necessary in order to pay for health care services, for education," Nabiullina said. She warned investors that assets held outside Russian jurisdiction lose domestic legal protections. "If they run into any problems, they will have to try and solve them inside a foreign jurisdiction. We recently saw that such assets in foreign jurisdictions were subjected to closure, foreclosure, and were blocked."

Nabiullina also emphasized that the new framework places no restrictions on repatriating or transferring digital assets abroad, matching the current regulatory regime for foreign currency.

The State Duma passed the bill Tuesday, giving Russia its first full legal framework for cryptocurrency. The law covers mining, trading, and circulation, representing a significant shift from the central bank's earlier push for an outright ban on crypto transactions. The 300,000-ruble threshold for non-qualified investors is roughly equivalent to two months' average salary in Russia, according to Rosstat data.