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Russia proposes limiting retail crypto trading to BTC, ETH and USDT

The Bank of Russia’s draft would cap non-qualified residents’ purchases at ₽300,000, about $58,000, per broker per calendar year for public organized trading.

Reported · Written up by our desk · Regulation

Russia’s central bank has proposed opening public organized crypto trading, with only Bitcoin, Ethereum, and Tether’s USDT eligible for admission, according to a draft directive from the Bank of Russia.

Under the proposal, a Russian resident who is not a qualified investor could spend up to ₽300,000, nearly $58,000, on cryptocurrency through a single broker in a calendar year, with the cap based on cumulative purchase costs through that broker.

The structure is designed to treat the broker as the unit of the ceiling, and it would also limit acquisitions using a formula tied to the client’s ruble cost of crypto purchases made through the broker during the year.

The draft remains open for public comment through Aug. 24, the bank said in an explanatory note, while Russia’s underlying cryptocurrency market law is scheduled to take effect on Sept. 1 and the proposed directive would take effect 10 days after official publication.

Latest closeBitcoin $63,468.73 ▼0.1%|Ethereum $1,878.01 ▼0.2%

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