Russia is advancing a new regulatory framework for the crypto asset market. Following the signing of relevant legislation on August 4, the Central Bank of Russia has proposed the first list of digital currencies eligible for organized trading, including Bitcoin, Ethereum, and USDT issued by Tether, bringing clarity to the range of tradable assets in Russia’s regulated crypto market.
The initial list locks in three assets.
The Central Bank of Russia stated that these three assets were included in the proposed list primarily based on their market capitalization, trading activity, and price history in overseas markets. According to the draft requirements, the relevant assets must have a sufficient market size, average daily trading volume, and at least five years of trading history outside Russia.
The list is not yet final, and public feedback will be accepted until August 24. The main provisions of the new law are expected to take effect on September 1, at which point retail investors will only be able to purchase crypto assets that meet central bank standards.
Retail investors set a 300,000 ruble limit
Under the new framework, non-qualified investors may purchase crypto assets through each intermediary, but with an annual purchase limit of 300,000 rubles, approximately $3,650. This limit applies separately to brokers, crypto exchange services, and asset management institutions.
- Non-qualified investors: Annual limit of 300,000 RUB per intermediary
- Accredited Investor: No purchase limit
- All investors: Complete the risk assessment before trading.
Regardless of whether they are qualified investors, all users must pass a risk knowledge test before trading. The Central Bank of Russia states that this requirement aims to limit ordinary investors’ exposure to the high price volatility of crypto assets. In contrast, qualified investors are not subject to purchase limits when trading crypto assets on exchanges or over-the-counter markets, but they are still required to complete the test.
Exchanges and custodians will be included in the new regulations.
In addition to asset eligibility, the Central Bank of Russia is also simultaneously developing operational rules for trading venues and associated institutions. By the end of July, regulators had released drafts concerning cryptocurrency exchanges, digital custodians, and cryptocurrency account service providers.
Under the draft, exchanges may set their own trading procedures but are responsible for calculating the market price and weighted average price of listed assets. Digital custodians must maintain records of client positions and transactions and meet capital requirements. Minimum capital requirements range from 50 million to 250 million rubles, depending on the scope of business.
The same law requires cryptocurrency service providers to register in a special registry, maintain net assets of at least 15 million rubles, and join an approved self-regulatory organization for financial markets. Existing service providers must comply by July 1, 2027.
The domestic payment ban remains in effect.
The opening of a regulated trading market does not mean that Russia has lifted restrictions on cryptocurrency payments. Current regulations still prohibit the use of cryptocurrencies to purchase everyday goods and services within Russia.
However, cross-border settlement arrangements have been retained. Under the existing framework, Russian exporters and importers may use compliant digital assets for foreign trade settlement under specific conditions, and these transactions are not subject to the annual 300,000 ruble limit imposed on retail investment purchases.