Russia's central bank has proposed draft rules that would limit retail cryptocurrency trading to bitcoin (BTC), ether (ETH), and USDT on regulated exchanges, effective September 1. Tether's dollar-linked stablecoin is the only stablecoin included on the initial whitelist of permitted assets.

Under the proposed regulations, non-qualified investors would be restricted to purchasing 300,000 rubles (approximately $3,600) worth of cryptocurrencies per year at each intermediary. Qualified investors, however, would not be subject to the cap.

Notably, the 300,000-ruble limit is set per intermediary rather than across an investor's total purchases. This structure could potentially allow investors to achieve larger aggregate crypto exposure by using multiple brokers or exchanges simultaneously.

The draft rules add specificity to legislation passed in July that legalized regulated cryptocurrency trading starting September 1 but did not enumerate which digital assets retail investors would be permitted to buy. The law marked a shift for the Bank of Russia, which had previously called for a domestic ban on cryptocurrencies and expressed concerns about capital flight and financial stability risks.

The constrained asset whitelist reflects a broader pattern in jurisdictions moving from outright prohibition toward regulated access. The European Union's MiCA framework, by contrast, sets rules for crypto-asset issuers and service providers rather than restricting retail investors to a specific list of coins. Russia's approach more closely mirrors the asset-specific guardrails seen in markets such as Thailand, where regulators have similarly limited retail trading to approved tokens.

Crypto payments for goods and services inside Russia remain prohibited under current law. The new framework applies exclusively to trading on regulated exchanges. Separately, Russian authorities have explored cryptocurrencies for cross-border settlements as Western sanctions have constrained access to the global financial system, though the retail trading rules are distinct from those initiatives.

The Central Bank of Russia published the draft outlining the permitted asset list and investment limits as part of the implementing regulations for the July legislation. The initial whitelist could be expanded over time as the central bank assesses market conditions and compliance infrastructure.

At the time of reporting, bitcoin was trading at $63,501.41 and ether at $1,884.90.