The Bank of Russia proposes regulated public trading for Bitcoin, Ethereum and USDT, with a ₽300,000 annual purchase limit for non-qualified investors.
BTC$63,594.00+0.00%
ETH$1,886.68-0.40%The Bank of Russia has proposed allowing public organized cryptocurrency trading for retail investors, initially limiting the market to Bitcoin (BTC), Ethereum (ETH), and Tether's USDT.
Under the draft rules, Russian residents who are not qualified investors would be able to buy cryptocurrencies through a single broker up to a combined limit of ₽300,000, or about $58,000, per calendar year.
The proposal is still under consultation, meaning the list of eligible assets, the spending limit and other rules could change before the final directive is issued.
The Bank of Russia's draft directive names three cryptocurrencies for admission to the proposed public organized trading market:
The proposed framework would create a regulated channel for buying and selling these assets through market intermediaries.
For non-qualified residents, however, access would be subject to the ₽300,000 annual limit when trading through a single broker.
The limit is based on the total ruble cost of cryptocurrency purchases made for the client through that broker during the calendar year. In other words, the cap applies to cumulative purchases rather than a single transaction.
This makes the broker the key unit for calculating the proposed ceiling.
The proposed cap applies to Russian residents who do not have qualified-investor status.
A resident could therefore purchase up to ₽300,000 worth of cryptocurrency through one broker during a calendar year under the current draft.
The rule does not simply establish a maximum trade size. Instead, the wording measures the total cost of purchases made through the broker over the year. That distinction could become important for investors who make multiple cryptocurrency purchases rather than one large transaction.
The central bank has not yet finalized the directive, so the exact implementation could still change during the consultation process.
The proposed framework creates a different path for investors who qualify under Russia's investment rules.
According to the Bank of Russia's overview of the underlying law, qualified investors would first need to pass a test. After meeting those requirements, they could buy and sell any cryptocurrencies through intermediaries without the ₽300,000 ceiling.
This creates two distinct access levels. Non-qualified residents would initially be restricted to the three cryptocurrencies listed for public organized trading and would face the annual purchase limit. Qualified investors would have access to a much wider range of cryptocurrencies through regulated intermediaries.
The distinction is therefore based not only on which assets are available, but also on the investor's regulatory status.
The proposed framework also outlines how cryptocurrency trading could operate within Russia's regulated financial infrastructure.
Crypto exchanges would handle cryptocurrency buying and selling, while digital repositories would record rights to the assets. Brokers and management companies would provide additional channels through which investors could conduct transactions.
The Bank of Russia describes organized trading as a single transaction channel involving these market participants. This structure would place cryptocurrency activity within a more defined regulatory framework rather than treating every crypto transaction as a separate market activity.
However, the draft does not yet represent the final operating model. The central bank can still amend the provisions before publication.
The proposed rules also distinguish domestic cryptocurrency trading from international settlements.
The Bank of Russia's overview of the underlying cryptocurrency market law says exporters and importers could use any type of wallet or cryptocurrency for cross-border payments, either directly or through intermediaries.
That provision applies to international trade rather than access to the domestic public cryptocurrency market. As a result, the three-asset list should not be interpreted as a blanket restriction on every use of cryptocurrency in Russia. It specifically concerns admission to the proposed public organized trading venue.
This distinction is important because the framework creates separate channels for domestic investment activity and cross-border settlements.
The Bank of Russia's proposal is not yet final.
The consultation period remains open until August 24, giving market participants an opportunity to submit comments on the draft. The central bank can still change the eligible asset list, the ₽300,000 limit or other provisions before issuing the final directive.
The underlying cryptocurrency market law is scheduled to take effect on September 1. The draft directive itself would take effect 10 days after official publication.
However, the directive's final date and number have not yet been assigned while the consultation continues. That means the publication-based countdown has not started.
The immediate date to watch is August 24, when the consultation period ends.
The final version of the directive will determine whether Bitcoin, Ethereum and USDT remain the first cryptocurrencies approved for public organized trading and whether the ₽300,000 annual purchase limit remains unchanged.
If adopted in its current form, the framework would give Russian retail investors a regulated route to trade three major cryptocurrencies while imposing a clear limit on non-qualified investors.
Qualified investors would have significantly broader access after passing the required test, while exporters and importers would operate under a separate framework for cryptocurrency-based cross-border payments.
For now, the proposal signals a structured approach to crypto access in Russia rather than unrestricted retail trading. The final rules and their implementation will determine how much of that framework survives the consultation process.
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