The Gaidar Institute's Department for Digital Finance has prepared a study on how to establish clear and effective regulations for using cryptocurrencies in Russia. The authors propose building a comprehensive system taking into account international experience and specific characteristics of digital assets.
Currently, cryptocurrencies like Bitcoin became part of the global financial system. The European Union uses a unified regulatory framework, while the United States is developing its own policies. In Russia, an opposite situation has been developed: cryptocurrencies are actively used, but there are almost no clear rules.
Researchers estimate that approximately 13-14% of Russians, i.e. up to 20 million people, use cryptocurrencies. Moreover, they are used not only for investments but also for foreign trade transactions, including international transfers. This means that demand for such instruments is already stable, but it remains "outside the system."
Due to lack of transparent regulations, some transactions fall into a gray area, using foreign services and informal intermediaries. This reduces user protection and limits government capabilities, for example, in terms of risk and tax control.
To change the situation, researchers at the Gaidar Institute propose introducing regulation gradually and according to a clear logic. The key idea is a functional approach, whereby regulation is not imposed on cryptocurrencies as a single class or organizations (such as crypto exchanges), but on the specific functions performed by crypto assets and market actors.
This approach reflects the specific nature of cryptocurrencies as such. The fact is that the same crypto asset can simultaneously serve as an investment instrument, a means of payment, and a part of digital infrastructure, and each of these functions requires its own rules.
However, authors of this study propose maintaining the key principle: the ruble should remain the sole legal tender. Cryptocurrencies can be used, but as a complementary tool, not as a replacement for the national currency.
It is proposed to introduce the new rules on a step-by-step basis. First, for the most widely understood and stable crypto assets, primarily Bitcoin. Then, for other popular instruments, including Ethereum, TRON, and Solana, which are actively used in international settlements and digital services.
The study also examines the investment approach: it is assumed that ordinary users will be able to work with the most reliable crypto assets, but will also be required to undergo testing and receive full information about potential risks.
As for market actors, the authors propose adhering to established international regulatory practices, focusing not on the status of a company (bank, exchange, or broker), but on the specific operations it performs.
Andrey Zubarev, Senior Researcher of the Department for Digital Finance at the Gaidar Institute, author of the study, explained: "If it stores cryptocurrency, exchanges it, or conducts transactions, it must obtain the appropriate license and comply with the regulations. This will legitimize the existing market and level the playing field."
The proposed model aims to address several issues at once: making the cryptocurrency market more transparent, increasing user protection, and enabling the crypto sector to develop legally, without drastic bans or unnecessary restrictions.