Russia Set to Tighten Retail Crypto Rules, Leaving Bitcoin, Ether and USDT Eligible

Russia’s central bank is moving toward tighter rules for retail cryptocurrency trading, with a proposed framework that would initially allow only Bitcoin, Ether and USDT on regulated exchanges. Tether’s dollar-pegged stablecoin would be the only stablecoin on the approved list.

The draft regulations would cap annual crypto purchases for non-qualified investors at 300,000 rubles, or about $3,600, through each individual intermediary. Investors classified as qualified would not face the same restriction.

The proposed whitelist adds detail to legislation passed in July that is scheduled to introduce regulated crypto trading in Russia on Sept. 1. The legislation established the framework for trading but left unanswered which digital assets retail investors would be allowed to access. Cryptocurrency payments within Russia would remain prohibited.

The limit could also be less restrictive in practice because it would apply separately to each intermediary. An investor using multiple brokers or exchanges could therefore potentially purchase more than 300,000 rubles worth of crypto in total.

The structure gives retail investors a way to increase their aggregate exposure while remaining within the proposed limit at each individual platform.