Russia’s central bank has proposed allowing Bitcoin, Ether and Tether’s USDT to trade on regulated exchanges as the country prepares to open its new crypto market framework to investors.
Summary
- Russia’s central bank has proposed allowing Bitcoin, Ether and USDT to trade on regulated exchanges under the country’s new crypto rules.
- Non qualified investors would be limited to 300,000 rubles in annual crypto purchases through each intermediary and must pass a risk knowledge test.
- Qualified investors would face no purchase limits for crypto traded on exchanges or over the counter markets, although testing requirements would still apply.
- The proposal follows Russia’s new crypto law signed on Aug. 4, which gives the Bank of Russia authority to decide which digital currencies can enter organized trading.
- The central bank is accepting comments on the proposed list and related requirements until Aug. 24.
The Bank of Russia said Tuesday that the three crypto assets have been included in a proposed list of digital currencies that could qualify for organized trading, based on requirements covering market capitalization, trading activity and price history in overseas markets.
Bitcoin, Ether and USDT meet the regulator’s proposed criteria because they have sufficient market size, average daily trading volume and at least five years of trading history outside Russia. The list has not yet been finalized, with the central bank accepting public comments until Aug. 24.
The selection provides an early indication of which cryptocurrencies ordinary Russian investors may be able to buy once the country’s new digital asset law takes effect on Sept. 1. Under the rules, non-qualified investors will only be allowed to purchase cryptocurrencies that satisfy standards set by the central bank.
Bank of Russia crypto list starts with BTC, ETH and USDT
Access for retail investors will remain subject to a 300,000-ruble annual purchase limit through each intermediary, equivalent to about $3,650 at current exchange rates. The cap applies separately to purchases made through brokers, crypto exchange services and asset managers.
Before completing any transactions, investors will also have to pass a knowledge test covering crypto investing and its associated risks.
“Before making transactions, all investors, regardless of their status, will have to pass a test and familiarize themselves with the risks of investing in crypto assets,” the Bank of Russia said.
The regulator said restrictions on non-qualified investors are intended to limit their exposure to sharp and unpredictable crypto price movements. Qualified investors must also complete testing, although they will not face the same purchase ceiling when trading cryptocurrencies through exchanges or over-the-counter markets.
The proposed asset list follows President Vladimir Putin’s signing of Russia’s digital currency law on Aug. 4, which placed the Bank of Russia in charge of deciding which cryptocurrencies can trade through organized markets and how the venues will operate.
As previously covered by crypto.news, the legislation created regulated access to cryptocurrencies for both retail and qualified investors while keeping crypto payments for ordinary goods and services prohibited inside Russia. The law’s main provisions are scheduled to take effect on Sept. 1.
Under the same legislation, crypto exchange providers must enter a special registry, hold at least 15 million rubles in equity and join an approved financial-market self-regulatory organization. Existing exchange services have until July 1, 2027, to comply with the registration requirements.
Exchanges will operate under new central bank rules
Before the law was signed, the Bank of Russia had already begun setting operating standards for the institutions that will support organized crypto trading.
In late July, the regulator released draft operating rules covering cryptocurrency exchanges, digital depositories and providers of digital currency accounts. The proposals allow exchanges to establish their own trading procedures while calculating market prices and weighted average prices for listed assets.
Digital depositories, which will maintain records of customer cryptocurrency holdings and transactions, would face minimum equity requirements ranging from 50 million rubles to 250 million rubles depending on the services they provide. The central bank also proposed requiring the capital backing such businesses to remain liquid and consist of high-quality financial assets.
The new system gives the Bank of Russia authority to maintain official registers of approved crypto market participants and establish requirements covering custody, accounting, trading and investor access.
Russian lawmakers had been working on the framework for several months before Putin signed it into law. During the legislative process, non-qualified investors were consistently assigned a 300,000-ruble annual limit for purchases of cryptocurrencies classified as sufficiently liquid.
A revision approved in July also removed wallet disclosure requirements that would have forced investors to declare their crypto wallet addresses. Instead, users were expected to report balances and transaction volumes under the revised proposal.
The same version allowed cryptocurrency to be used to buy Russian securities and locally regulated digital financial assets, while some large transfers abroad or to third parties could be delayed for up to two days. State Duma Financial Market Committee Chairman Anatoly Aksakov did not specify the transaction threshold that would trigger such a freeze.
Russian banks prepare for regulated crypto trading
Major Russian financial institutions have already begun preparing products for the regulated market.
Alfa-Bank has been testing cryptocurrency trading inside its Alfa-Investments brokerage application with a small group of qualified investors, according to reported testing in July. Its test interface reportedly included Bitcoin, Ether, Tether, USD Coin, Solana, Litecoin and Zcash.
The bank also plans to build a digital depository and crypto-to-ruble exchange infrastructure during 2026. Wider customer access remains dependent on regulations issued by the Bank of Russia, with Alfa-Bank previously saying a retail rollout could come closer to the fourth quarter if the regulatory timetable permits.
Sberbank has been making similar preparations. As reported by crypto.news earlier, the bank has been working on a crypto wallet and digital asset depository, with its custody infrastructure targeted for Dec. 1. It has also considered providing access to foreign crypto exchanges depending on the final licensing requirements.
T-Bank has also discussed plans to offer buying, selling, storage and crypto balance tracking through its mobile applications, while seeking approval to operate a digital depository. VTB has considered similar services as Russian banks prepare their systems for the regulated market.
Crypto payments remain banned inside Russia
The opening of regulated trading does not remove Russia’s existing prohibition on using cryptocurrency as a domestic payment method.
Under the law signed Aug. 4, cryptocurrencies cannot be used to pay for goods, services, information or intellectual property within Russia. Advertising that presents crypto as an option for ordinary domestic payments is also prohibited.
Separate provisions permit cryptocurrencies to be used for certain cross-border settlements between Russian residents and foreign counterparties. Exporters and importers can use eligible digital assets for foreign trade without the retail transaction limits applied to investment purchases, either through intermediaries or directly through crypto wallets, according to the regulatory framework.
For domestic investors, the immediate regulatory process remains focused on determining which assets can enter organized trading. Bitcoin, Ether and USDT are the first cryptocurrencies named under the central bank’s proposed eligibility criteria, while comments on the list and related requirements can be submitted to the Bank of Russia through Aug. 24.
