Russia names Bitcoin, Ethereum and USDT as only coins eligible for retail trading

Russia’s central bank published a draft directive on Aug. 11 that would restrict public crypto trading on licensed exchanges to three assets: Bitcoin, Ethereum and Tether’s USDT. Most altcoins, including XRP, would be locked out.

Governor Elvira Nabiullina signed the Bank of Russia proposal, which sets eligibility criteria based on market capitalization, average daily trading volume and at least five years of pricing history on foreign platforms. Non-qualified investors could buy crypto through licensed brokers, exchange services and asset managers. Those purchases would be capped at 300,000 rubles, roughly $3,650, per intermediary per calendar year.

Article 2 of the directive states the cap plainly. “The maximum amount of the total value of digital currencies acquired through a broker during the calendar year amounts to 300 thousand rubles,” the text reads.

For a retail investor using one broker, that means no more than about $3,650 on crypto in a year. The limit resets annually. It applies separately to each intermediary, so an investor using two brokers would theoretically face two caps. The central bank framed the measure as a guardrail, not a gateway.

“To protect non-qualified investors from sharp and unpredictable fluctuations in cryptocurrency rates, only the most liquid of them will be available to them,” the Bank of Russia said in a notice that accompanied the draft.

Qualified investors face no such ceiling. They can acquire all cryptocurrencies traded on exchange and over-the-counter markets without restrictions. Every investor, regardless of status, must pass a risk-awareness test and familiarize themselves with cryptoasset risks before transacting. The central bank wrote that requirement into the proposal as a universal gate.

The three-coin list is narrower than many expected. Bitcoin, Ethereum and Tether USDT are named explicitly in the draft’s list section. XRP does not appear. The token, created by the founders of Ripple in 2012, may meet the central bank’s stated criteria on market cap and trading history. It has also faced regulatory friction in the United States stemming from a since-settled Securities and Exchange Commission lawsuit against Ripple, which caused delistings and relistings on several exchanges. The Bank of Russia did not explain the exclusion. Whether the criteria alone account for it, or whether the regulator applied an unstated filter, is not known.

The draft operationalizes a federal law on digital currencies that President Vladimir Putin signed on Aug. 4, according to Cointelegraph. That law grants the Bank of Russia authority to determine which digital currencies can be admitted to organized trading and to set the associated rules. The exact effective date of the law’s core provisions remains unclear from the reporting reviewed. One source referenced September. Another pointed to 2026.

The central bank is accepting public comments on the draft until Aug. 24. The directive would take effect 10 days after official publication.

Russia has moved incrementally on crypto over the past two years. Cross-border settlement rules eased in 2023. Domestic oversight tightened after that. This proposal fits the same pattern: a licensed market, but a narrow one. The framework formalizes crypto trading in a major economy while capping retail exposure to three assets and a few thousand dollars per year.

Whether the comment period produces changes to the coin list or the cap is not yet known. The draft is exactly that. A draft.