Bank of Russia Proposes Regulated Crypto Trading for Retail Investors

The Bank of Russia has proposed a regulatory framework that would allow retail investors to trade Bitcoin, Ether, and Tether's USDT on regulated exchanges, while excluding other cryptocurrencies like XRP from the initial list. The central bank's draft directive, published on August 11, 2026, sets specific liquidity criteria for digital assets to qualify for organized trading and establishes purchase limits for nonqualified investors.

Under the proposed rules, nonqualified investors would be limited to purchasing up to 300,000 rubles in eligible cryptocurrencies per year through each individual intermediary, such as brokers, exchanges, or asset managers. This cap is designed to limit retail exposure to assets with sharp and unpredictable price movements. Qualified investors would not face this annual purchase limit and could trade cryptocurrencies available on exchanges and over-the-counter markets, though both investor groups would be required to pass a knowledge test and review the risks associated with digital asset investments before conducting any transactions.

The Bank of Russia selected Bitcoin, Ether, and USDT based on criteria that include market capitalization, average...