Bank of Russia proposes Bitcoin, Ethereum, USDT public trading with ₽300,000 retail cap
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The Bank of Russia proposes opening public organized crypto trading to only Bitcoin, Ethereum and Tether's USDT. Non-qualified Russian residents would face a ₽300,000 ($58,000) per-broker annual cap, while qualified investors would have no ceiling after passing a test. The draft is open for comments until Aug. 24, even as the underlying law is set to take effect on Sept. 1.
Eligible Assets and Cap
The Bank of Russia proposed admitting only Bitcoin, Ethereum and Tether's USDT to public organized trading. A non-qualified Russian resident could spend up to ₽300,000 per broker per calendar year, with the cap measuring cumulative purchase costs through that broker. Qualified investors would face a test but no ceiling after passing it, and could buy and sell any cryptocurrencies through intermediaries.
Planned Market Structure
The central bank's overview places brokers and management companies alongside crypto exchanges and digital repositories in the planned infrastructure. Exchanges would buy and sell cryptocurrencies, repositories would record rights to assets, and brokers and management companies would provide additional investor routes including access to organized trading. A separate channel for foreign trade would let exporters and importers use any wallet or cryptocurrency for cross-border payments, directly or through intermediaries.
Comment Window and Timeline
The draft directive is open for comments through Aug. 24, and the Bank of Russia can still amend the asset list, the cap, or other provisions before issuing a final directive. The underlying cryptocurrency market law is scheduled to take effect on Sept. 1, with the proposed directive taking effect 10 days after official publication. Its date and number remain blank while consultation continues.
What's Next
The public comment period closes on Aug. 24, after which the Bank of Russia may revise the list, cap, or timing before final issuance. It remains unclear whether the three-asset limit and the ₽300,000 retail ceiling will survive the consultation, and whether the directive will be published in time to take effect alongside the Sept. 1 law.
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Bank of Russia proposes Bitcoin, Ethereum, USDT public trading with ₽300,000 retail cap
