Key Takeaways
The Bank of Russia published a draft directive Tuesday that would let ordinary investors trade Bitcoin, Ethereum and Tether's USDT on regulated exchanges for the first time, open for public comment through August 24.
Non-qualified investors face an annual cap of 300,000 rubles, about $3,700, per broker, exchange or manager, while qualified investors face no limit.
The rule follows a law the State Duma passed in July, and the central bank's liquidity and five-year price-history criteria for now exclude every other token, including XRP.
Russia's central bank proposed its first framework letting ordinary investors trade cryptocurrency on public markets, publishing a draft directive Tuesday that names exactly three tokens cleared for exchange trading, Bitcoin, Ethereum and Tether's USDT, according to Decrypt, which reviewed the filing. The Bank of Russia is accepting public comment on the draft through August 24, and it takes effect 10 days after official publication.
The number worth sitting with is the ceiling. Non-qualified investors can acquire up to 300,000 rubles, roughly $3,700, worth of approved crypto per year through each individual broker, exchange or manager, while qualified investors face no such restriction and can trade any cryptocurrency listed on exchange or over-the-counter markets, per Meduza, which cited the central bank's own statement. Every investor, regardless of status, must pass a risk test before trading.
The filter behind the short list is liquidity, not politics, at least on paper. The central bank said market capitalization, average daily trading volume and at least five years of foreign-exchange pricing history determine which tokens qualify, criteria set under a federal digital currency law the State Duma passed in July. XRP would appear to meet the liquidity bar but was left off, which Decrypt noted coincides with the token's history of delistings tied to Ripple's now-settled SEC lawsuit, though the central bank did not name a reason.
The move lands as Tether's own footprint in Russia draws separate scrutiny, with the stablecoin issuer having frozen tens of millions of dollars in USDT tied to sanctioned Russian exchanges. Regulators building retail on-ramps while continuing to police the same rails is the pattern we have tracked in other government-adjacent stablecoin moves, and it is a preview of the questions the CLARITY Act debate is still working through in Washington. Worth watching.
People Also Ask
Which cryptocurrencies can Russians trade under the new rule?
The draft directive names three tokens for public exchange trading: Bitcoin, Ethereum and Tether's USDT. Qualified investors can trade any cryptocurrency listed on exchange or over-the-counter markets.
How much crypto can retail investors in Russia buy?
Non-qualified investors are capped at 300,000 rubles, about $3,700, per year through each broker, crypto exchange or asset manager they use, and must pass a risk test before trading.
Why was XRP left off Russia's approved crypto list?
The central bank's stated criteria are market capitalization, trading volume and five years of foreign pricing history. XRP was not included, which observers have linked to its history of exchange delistings during Ripple's SEC litigation, though Russia's central bank gave no official reason.
When does Russia's new crypto trading rule take effect?
The Bank of Russia is accepting public comment on the draft through August 24, 2026. It takes effect 10 days after official publication, following a digital currency law the State Duma passed in July.