Russia approves Bitcoin, Ether and USDT with 300K-ruble retail cap

The Bank of Russia proposed Tuesday that Bitcoin, Ether and USDT be admitted to organized trading on licensed exchanges, setting a 300,000-ruble annual purchase cap for non-qualified investors under the country's new digital currency law.

"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 in a statement.

The three assets met the regulator's proposed criteria covering market capitalization, average daily trading volume and at least five years of price history on overseas markets. The list remains open for public comment until Aug. 24. Qualified investors face no purchase ceiling for exchange-traded or over-the-counter crypto.

The proposal follows President Vladimir Putin's Aug. 4 signing of Russia's digital currency law, which gives the central bank authority to determine which cryptocurrencies can trade through organized markets. The law's main provisions take effect Sept. 1, with exchange providers required to hold at least 15 million rubles in equity and join an approved self-regulatory organization.

Retail cap set at 300,000 rubles per intermediary

Non-qualified investors can buy up to 300,000 rubles (about $3,650) worth of cryptocurrency per year through each intermediary — a broker, crypto exchange service or asset manager. The cap applies separately to each channel, meaning an investor could purchase up to 900,000 rubles annually across all three intermediary types.

The central bank said the restrictions are designed to protect retail investors from sharp and unpredictable crypto price movements. All investors, regardless of status, must pass a knowledge test covering crypto investing risks before completing transactions.

The proposed asset list follows the regulatory framework established by the digital currency law, which also requires crypto exchange providers to enter a special registry and maintain at least 15 million rubles in equity. Existing exchange services have until July 1, 2027, to comply with registration requirements.

Russian banks prepare infrastructure for regulated market

Major financial institutions have begun building 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, with its test interface reportedly including 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.

Sberbank has been working on a crypto wallet and digital asset depository, with custody infrastructure targeted for Dec. 1. T-Bank has discussed plans to offer buying, selling, storage and crypto balance tracking through its mobile applications, while VTB has considered similar services.

Digital depositories, which will maintain records of customer cryptocurrency holdings, would face minimum equity requirements ranging from 50 million to 250 million rubles depending on services provided, according to draft operating rules released by the central bank in late July.

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, and advertising that presents crypto as an option for ordinary domestic payments is also prohibited. Separate provisions permit cryptocurrencies for certain cross-border settlements between Russian residents and foreign counterparties, with exporters and importers able to use eligible digital assets for foreign trade without the retail transaction limits applied to investment purchases.

The regulatory approval could boost institutional confidence in crypto assets in a major geopolitical economy, potentially increasing trading volumes and legitimizing crypto adoption. Cross-border transaction capabilities could expand significantly, though domestic restrictions may limit immediate local impact. The Bank of Russia is accepting comments on the proposed asset list through Aug. 24.

This article is for informational purposes only and does not constitute investment advice.