Russia’s central bank has named Bitcoin, Ether and USDT as the only cryptocurrencies ordinary retail investors will be allowed to buy, with purchases capped at 300,000 rubles a year per intermediary. The Bank of Russia said the ordinance takes effect on Nov. 17, after which the three assets can be publicly traded on exchanges. The Moscow Exchange, itself under U.S. sanctions, plans to open trading in the same three coins on Dec. 1.
What the Bank of Russia approved
The regulator announced the list on Friday. Non-qualified investors, Russia’s term for retail buyers who do not meet professional thresholds, will be able to buy the three assets through brokers, trust managers or crypto exchange offices, on exchanges or over the counter.
The limit is 300,000 rubles a year through a single intermediary, about $3,650 at the central bank’s official rate on Saturday. Qualified investors get access to all crypto assets with no cap. Every buyer, qualified or not, must pass a test and read a description of the risks before trading.
The bank said it chose “only the most liquid assets meeting the criteria stipulated by law,” weighing market capitalisation, average daily trading volume and a pricing history on foreign exchanges of at least five years. The approach is intended to “mitigate the risks of investing in cryptoassets for non-qualified investors,” it said.
A cap that applies per broker
The wording of the limit matters. The central bank ties the 300,000-ruble ceiling to purchases “through a single intermediary,” not to the investor. On that reading, a retail buyer with accounts at several brokers or exchange offices could buy more than 300,000 rubles of crypto a year in total. The bank’s announcement did not say whether any aggregate limit or cross-checking between intermediaries is planned.
The list is also narrow. Tokens such as XRP and Solana have traded on foreign exchanges for more than five years but were left out. The regulator did not explain the cut-off beyond its liquidity criteria. For retail investors, that means the legal menu starts with the largest cryptocurrency, the second-largest by market value and the biggest dollar stablecoin.
Moscow Exchange lines up Dec. 1 trading
The approval gives the Moscow Exchange the green light it needs. On Nov. 2, the exchange said it plans to launch trading in digital currencies from Dec. 1, starting with Bitcoin, Ether and USDT. It described this as Russia’s first organised crypto market under the new digital currency law, whose main provisions took effect on Sept. 1, with some parts following in July and September 2027.
The exchange said the first phase would involve pilot trades, with participants joining as they become ready. Trades will run on its stock market technology and be cleared by its National Clearing Center, with same-day and next-day settlement plus swap operations for liquidity. It repeated the 300,000-ruble annual limit for non-qualified investors buying through one broker.
Banks are preparing too. Sberbank has said it is building its own crypto trading and depository services, as we reported in July.
The sanctions question around USDT
The inclusion of USDT is the detail most likely to draw attention outside Russia. The Moscow Exchange, the National Clearing Center and the National Settlement Depository were all designated by the U.S. Treasury in June 2024 for operating in Russia’s financial services sector. Tether, which issues USDT, adopted a voluntary policy in December 2023 of freezing wallets connected with people on the Treasury’s Specially Designated Nationals list.
Neither the central bank nor the exchange has explained how USDT held through a sanctioned clearing house would be custodied, or what happens if wallets linked to that infrastructure are identified and frozen. That gap is not academic: a frozen stablecoin balance at a central counterparty could affect the client positions behind it.
For Russia, the broader aim appears to be pulling crypto trading that already happens on foreign platforms and peer-to-peer markets into supervised domestic channels. Whether retail investors move, given the cap, the testing requirement and the narrow list, is the open question.
What to watch next
The key dates are Nov. 17, when the ordinance takes effect, and Dec. 1, when the Moscow Exchange plans its first trades. Watch which brokers and exchange offices go live first, whether the central bank clarifies how the per-intermediary cap will be policed, and whether Tether comments on USDT trading through Russian market infrastructure.
FAQ
Which cryptocurrencies can Russian retail investors buy?
Only Bitcoin, Ether and USDT, under the Bank of Russia’s list. Qualified investors can access all crypto assets.
How much can a retail investor buy?
Up to 300,000 rubles a year through a single intermediary, after passing a test and reading a risk description. That is about $3,650 at Saturday’s official rate.
When does trading start?
The ordinance takes effect on Nov. 17. The Moscow Exchange plans to start trading Bitcoin, Ether and USDT on Dec. 1, initially with pilot trades.
Disclaimer: This article is for informational purposes only and does not constitute financial advice.
