The Central Bank of Russia has published a draft proposal for cryptocurrency trading, aiming to establish a framework for retail investors to participate in public market transactions for the first time. Under the draft, non-qualified investors may purchase digital assets through brokers, crypto exchanges, or asset managers, but with an annual purchase limit.
Non-qualified investor annual limit of 300,000 rubles
The Central Bank of Russia stated in its explanation that non-qualified investors may purchase up to 300,000 rubles worth of crypto assets per year through each intermediary. The draft text also specifies that the annual cumulative value of cryptocurrencies purchased through brokers is capped at 300,000 rubles.
In comparison, qualified investors are not subject to this limit. The Central Bank of Russia states that qualified investors may purchase all tradable cryptocurrencies on exchanges and over-the-counter markets. However, regardless of investor status, all individuals must complete a test and acknowledge the risks of investing in crypto assets before trading.
Initially, only three tokens will be included.
The draft explicitly states that the current list of digital currencies permitted for public trading on organized platforms includes only three: Bitcoin, Ethereum, and USDT issued by Tether.
The Central Bank of Russia has linked this range to a federal law on digital currencies signed this month. According to the relevant criteria, whether a token qualifies for access depends on its market capitalization, average daily trading volume, and whether it has at least five years of price history on overseas platforms.
The central bank stated that limiting access to the most liquid cryptocurrencies to non-qualified investors is intended to reduce the risk associated with sharp price fluctuations in crypto assets.
XRP is not currently on the list.
Although XRP was not included in the initial list of publicly tradable assets, the screening criteria mentioned in the draft suggest that the token theoretically has a possibility of admission. The report notes that XRP was delisted from some exchanges in recent years due to the U.S. Securities and Exchange Commission’s lawsuit against Ripple, only to be relisted afterward—a history that may affect its current inclusion progress.
The Central Bank of Russia stated that the comment period for this draft ends on August 24. The document will take effect 10 days after its official publication, signed by Central Bank Governor Nabiullina.