The Bank of Russia has published a draft directive that would, for the first time, allow non-qualified retail investors to trade cryptocurrencies through public markets, with strict limits on annual purchases and a narrow list of approved tokens. The move marks a significant shift for a central bank that as recently as 2022 advocated for a blanket ban on cryptocurrency circulation in Russia.

Under the proposal issued on Aug. 11, non-qualified investors could purchase digital assets through brokers, crypto exchanges, or asset managers, capped at 300,000 rubles—approximately $3,300 at current exchange rates—per calendar year per intermediary. The central bank outlined the rationale in a separate notice: "We're setting a limit on the purchase of cryptocurrencies for non-qualified investors. Through each intermediary—a broker, crypto exchanger, or manager—they will be able to acquire such assets in the amount of 300 thousand rubles per year."

Three tokens cleared for public trading

The draft directive names exactly three cryptocurrencies eligible for public exchange trading: Bitcoin, Ethereum, and Tether's USDT. The central bank linked this restricted list to a new federal law on digital currencies signed this month, which also legalized cryptocurrency mining in Russia.

The official notice specifies: "The list of digital currencies that the trading organizer is entitled to admit for public circulation on organized trading platforms (hereinafter referred to as the 'List'): Bitcoin (Bitcoin), Ethereum (Ethereum), Tether USDT (Tether USDT)."

Eligibility is determined by liquidity and historical track record. Under the new law, a coin must meet thresholds for market capitalization, average daily trading volume, and at least five years of pricing history on foreign platforms. "To protect non-qualified investors from sharp and unpredictable fluctuations in cryptocurrency rates, only the most liquid of them will be available to them," the bank stated.

The annual cap is codified in the directive's operative text. "The maximum amount of the total value of digital currencies acquired through a broker during the calendar year amounts to 300 thousand rubles," Article 2 provides.

XRP, the cryptocurrency created by the founders of payments company Ripple in 2012, was not included on the approved list. While XRP appears to meet the stated criteria, the token has faced prolonged regulatory challenges stemming from a since-settled SEC lawsuit against Ripple, which led to its delisting and subsequent relisting on multiple exchanges—a history that may have influenced the decision.

Qualified investors unrestricted

Russia's accredited, wealthier class of qualified investors would operate without such constraints. "Qualified investors will be able to acquire all cryptocurrencies that will be traded on the exchange and over-the-counter markets, without restrictions," the notice confirms.

All investors, regardless of status, must complete a risk awareness test before trading. "All investors, regardless of their status, will need to pass testing and familiarize themselves with the risks of investing in cryptoassets," the bank said.

The directive follows the central bank's earlier moves to open cryptocurrency access to wealthy investors. It also arrives as Tether faces increased scrutiny, having frozen millions in USDT tied to sanctioned Russian exchanges. Russia's broader engagement with digital assets has accelerated since Western sanctions restricted access to traditional cross-border payment channels, with officials previously authorizing limited use of cryptocurrencies for international settlements.

The Bank of Russia is accepting public comments on the draft through Aug. 24. Once officially published with the signature of Governor Elvira Nabiullina, the directive takes effect 10 days later.