Bitcoin, Ether and Tether’s USDT could become the first cryptocurrencies available on regulated Russian exchanges under a framework being developed by the Bank of Russia.
The central bank has published a proposed list of digital currencies eligible for organised trading, with the three assets meeting its suggested requirements for market capitalisation, average daily trading volume and overseas trading history.
The list is not yet final. The Bank of Russia is accepting public comments until 24 August, ahead of the country’s new digital asset law coming into force on 1 September.
The proposal offers an early indication of which cryptocurrencies ordinary Russian investors may be allowed to buy once the new rules take effect. Under the legislation, non-qualified investors will only be able to purchase digital currencies that meet standards set by the central bank.
Bitcoin, Ether and USDT have been included because each has sufficient market size, trading activity and at least five years of trading history outside Russia.
Retail access will be restricted by an annual purchase limit of 300,000 roubles through each intermediary. That is worth about $3,650 at current exchange rates. The ceiling will apply separately to purchases made through brokers, cryptocurrency exchange services and asset managers.
Investors will also have to complete a test on cryptocurrency investment and its risks before making transactions.
“Before making transactions, all investors, regardless of their status, will have to pass a test and familiarize themselves with the risks of investing in crypto assets,” the Bank of Russia said.
The regulator said the restrictions on non-qualified investors were designed to limit their exposure to the sharp and unpredictable price movements associated with cryptocurrencies.
Qualified investors will also have to pass the test, but they will not be subject to the same annual purchase limit when trading through exchanges or over-the-counter markets.
The proposed list follows President Vladimir Putin’s signing of Russia’s digital currency law on 4 August. The legislation gives the Bank of Russia responsibility for deciding which cryptocurrencies can be traded on organised markets and for setting rules governing those venues.
As previously reported by crypto.news, the law establishes regulated access to cryptocurrencies for both retail and qualified investors. However, it continues to prohibit the use of cryptocurrency to pay for ordinary goods and services inside Russia. The main provisions are due to take effect on 1 September.
Under the new framework, cryptocurrency exchange providers must be entered on a special registry, hold at least 15 million roubles in equity and join an approved financial-market self-regulatory organisation. Existing exchange services will have until 1 July 2027 to meet the registration requirements.
The Bank of Russia began preparing operational standards for the market before the law was signed. In late July, it published draft rules for cryptocurrency exchanges, digital depositories and providers of digital currency accounts.
Those proposals would allow exchanges to set their own trading procedures while calculating market prices and weighted average prices for assets listed on their platforms.
Digital depositories, which would record customers’ cryptocurrency holdings and transactions, would face minimum equity requirements of between 50 million and 250 million roubles, depending on the services offered. The central bank has also proposed that their capital should remain liquid and be made up of high-quality financial assets.
The new system gives the Bank of Russia authority to keep official registers of approved participants and to set requirements for custody, accounting, trading and access for investors.
Russian lawmakers worked on the framework for several months before it was signed into law. During that process, non-qualified investors were repeatedly assigned an annual limit of 300,000 roubles for buying cryptocurrencies considered sufficiently liquid.
A revision approved in July removed proposed requirements that would have forced investors to disclose their cryptocurrency wallet addresses. Instead, users were expected to report their balances and transaction volumes.
The revised proposal also allowed cryptocurrency to be used to buy Russian securities and locally regulated digital financial assets. Some large transfers abroad or to third parties could be held for up to two days, although State Duma Financial Market Committee Chairman Anatoly Aksakov did not say what transaction value would trigger such a delay.
Russia’s major financial institutions have already begun preparing services for the regulated market.
Alfa-Bank has been testing cryptocurrency trading in its Alfa-Investments brokerage application with a small group of qualified investors, according to reports in July. The test interface reportedly featured Bitcoin, Ether, Tether, USD Coin, Solana, Litecoin and Zcash.
The bank also plans to develop a digital depository and infrastructure for exchanging cryptocurrency into roubles during 2026. Wider customer access will depend on regulations issued by the Bank of Russia. Alfa-Bank has previously said a retail launch could come closer to the fourth quarter if the regulatory timetable allows it.
Sberbank has been preparing similar products, including a cryptocurrency wallet and digital asset depository. Its custody infrastructure is targeted for 1 December, while the bank has also considered offering access to overseas cryptocurrency exchanges depending on the final licensing rules.
T-Bank has discussed plans to provide cryptocurrency buying, selling, storage and balance-tracking services through its mobile applications. It is also seeking approval to operate a digital depository. VTB has been considering similar services as Russian banks build systems for the new market.
The introduction of regulated cryptocurrency trading will not change Russia’s ban on using digital assets as a domestic means of payment.
Under the law signed on 4 August, cryptocurrencies cannot be used to pay for goods, services, information or intellectual property within Russia. Advertising crypto as an option for ordinary domestic payments is also prohibited.
Separate provisions allow some cross-border settlements between Russian residents and foreign counterparties to be made using cryptocurrencies. Exporters and importers can use eligible digital assets in foreign trade without the retail investment limits, either through intermediaries or directly from cryptocurrency wallets.
For domestic investors, the immediate issue is which assets will be admitted to organised trading. Bitcoin, Ether and USDT are the first cryptocurrencies named under the Bank of Russia’s proposed criteria, with public comments on the list and related requirements open until 24 August.
