TLDR
- Russia proposes limiting retail crypto purchases to Bitcoin, Ether and USDT under new Bank of Russia rules.
- XRP is excluded from the proposed retail cryptocurrency list based on the current liquidity criteria.
- Non-qualified investors could face a 300,000-ruble annual purchase limit through each intermediary.
- Qualified investors would be allowed to trade cryptocurrencies available on exchange and OTC markets without purchase limits.
- The Bank of Russia will accept public comments on the proposed crypto rules through August 24.
XRP has been left off Russia’s proposed retail cryptocurrency list, while Bitcoin, Ethereum and Tether’s USDT would qualify under new rules from the Bank of Russia.
The central bank has proposed limiting non-qualified investors to cryptocurrencies that meet specific liquidity standards. The criteria include market capitalization, average daily trading volume and at least five years of pricing history on foreign exchanges.
Under the draft framework, retail investors could purchase up to 300,000 rubles of eligible crypto per year through each broker, exchange or asset manager. Qualified investors would not face the same purchase limit and could trade cryptocurrencies available on exchange and over-the-counter markets.
Bitcoin, Ether and USDT Meet Russia’s Proposed Criteria
The Bank of Russia selected Bitcoin, Ethereum and USDT based on the requirements set out in its draft directive. The central bank said the rules are intended to limit retail access to assets with sharp and unpredictable price movements.
The proposed list does not include XRP, meaning the token would not be available to non-qualified investors if the current framework takes effect without changes. Other cryptocurrencies would also remain outside the retail list unless they meet the criteria and are included in future revisions.
The pricing history requirement requires an eligible cryptocurrency to have at least five years of available pricing data on foreign exchanges. Market capitalization and average daily trading volume would also be considered when determining which assets qualify.
The framework therefore places liquidity and trading history at the center of retail cryptocurrency access. Bitcoin, Ethereum and USDT are currently the three assets named by the Bank of Russia under the draft rules.
Russia Sets 300,000-Ruble Retail Purchase Limit
Non-qualified investors would be limited to 300,000 rubles in eligible cryptocurrency purchases each year through each individual intermediary. The rule would apply to brokers, crypto exchanges and asset managers operating under the proposed framework.
Qualified investors would receive broader market access under the draft. They could purchase cryptocurrencies traded on exchanges and through over-the-counter markets without the 300,000-ruble annual limit.
Both investor groups would still need to complete testing before conducting cryptocurrency transactions. The requirement would also require investors to review the risks associated with digital asset investments.
The Bank of Russia has opened the draft directive for public comments through August 24. The provisions could therefore be adjusted before the final rules are adopted.
Russia’s Broader Crypto Framework Sets New Rules
The proposed retail restrictions form part of a wider Russian framework for digital assets. Federal Law No. 282-FZ is scheduled to take effect on September 1, 2026, based on the supplied material.
Existing crypto exchanges, brokers and digital asset custodians would have until July 1, 2027, to obtain the required licenses from the Bank of Russia. Cryptocurrencies would also receive legal recognition as property under the framework.
The rules would continue to prohibit the use or promotion of cryptocurrency for payments involving domestic goods and services. Commercial crypto mining would operate within a legal framework, while local authorities could restrict mining during periods of high electricity demand.
The framework would also allow Russian companies to use cryptocurrency for certain cross-border settlements. Privacy-focused cryptocurrencies that conceal transaction details would remain prohibited under the proposed rules.
The Bank of Russia’s current proposal therefore gives Bitcoin, Ethereum and USDT a defined route into retail trading, while XRP remains outside the proposed non-qualified investor list.
