Russia clears Bitcoin, Ethereum, USDT for exchange trading

Russia's Central Bank on Tuesday published a draft directive naming Bitcoin ↘ 0.29%, Ethereum ↘ 0.35%, and Tether's USDT as the only cryptocurrencies eligible for regulated trading on domestic exchanges, marking the country's first concrete step toward a licensed retail crypto market.

The framework builds on a law President Vladimir Putin signed on August 4 that formally legalized cryptocurrency circulation in Russia and recognized digital currencies as property. Most provisions of that law are set to take effect on September 1.themoscowtimes+1

Who Can Trade and How Much

Under the proposed rules, all investors — regardless of status — must pass a risk assessment test and review information about cryptocurrency volatility before executing trades.aa+1

Non-qualified retail investors, who the Central Bank says currently account for about 98% of market participants, will face an annual purchase cap of 300,000 rubles (approximately $3,700) through each intermediary, including brokers, crypto exchanges and asset managers. Qualified investors will be able to purchase any cryptocurrency traded on exchange and over-the-counter markets without restrictions.meduza+3

"In order to protect unqualified investors from drastic and unpredictable fluctuations in cryptocurrency exchange rates, they will only be able to access the most liquid ones," the Central Bank said, according to Interfax.interfax

Selection Criteria and Exclusions

The Bank of Russia said it selected the three tokens based on requirements including a minimum five-year price history on foreign platforms, high liquidity, and market capitalization. The criteria effectively exclude many popular altcoins from the retail market.finance.yahoo+2

Cryptocurrencies will be permitted for cross-border settlements but remain banned as a domestic payment method under the new law.themoscowtimes

What Comes Next

The draft directive is open for public comment through August 24. A separate requirement mandating that all cryptocurrency transactions be conducted exclusively through licensed subsidiaries will take effect on July 1, 2027.aa+1

The Central Bank's proposal arrives as Russia seeks to channel what has been a largely unregulated retail crypto market into formal financial infrastructure overseen by authorized intermediaries including brokers, digital depositories and asset managers.interfax+1