Russia Moves To Open BTC, ETH and USDT to Retail Investors

Crypto asset trading will become available from 1 Sep, with the central bank determining which assets are eligible. The law states that crypto trading must be conducted on licensed Russian intermediaries, while keeping crypto banned as a payment method for goods and services inside Russia. Cross-border settlement will also be permitted under the new rules. 

The move marks a reversal from the central bank's 2022 push to ban cryptocurrency trading, as well as from its years-long effort to promote a digital ruble. The rollout of the digital ruble was paused in July 2025 and is now scheduled to resume on 1 Sep 2026.

Comments on the draft regulation can be submitted to the Bank of Russia until 24 Aug, one week before the law's main provisions take effect.

Qualifying assets and investors

The central bank said the law requires it to weigh market capitalization, average daily trading volume and pricing history on foreign venues, with a minimum of five years of price history for any eligible asset. Bitcoin, Ether and USDT were the three that met those thresholds.

Non-qualified investors will be restricted to the most liquid cryptocurrencies, a measure the regulator said is intended to protect them from "sharp and unpredictable fluctuations in cryptocurrency exchange rates", according to the regulator's statement. The Moscow Times reported that the central bank puts retail investors at roughly 98% of market participants. 

Qualified investors will be able to buy any cryptocurrency traded on exchanges or over-the-counter markets without restriction. Every investor, regardless of status, must pass a test and review the risks of investing in crypto assets before transacting. 

The bank has also set a 300,000-ruble ($3,700) annual purchase cap for non-qualified investors at each intermediary, whether that be a broker, crypto exchange service or asset manager, rather than as a single aggregate limit across a retail investor's accounts. However, it did not state how it will monitor exposure accumulated across multiple intermediaries.

Banks testing crypto trading

Trading services providers will reportedly need to enter a special registry, hold at least 15mn rubles in equity and join an approved self-regulatory organization - with existing providers given until 1 Jul 2027 to comply. Draft operating rules for exchanges, digital depositories and account providers were released in late July and have not been finalized.

Major Russian banks have moved ahead of the rules with Alfa-Bank reportedly been testing crypto trading with a small group of qualified investors inside its brokerage app. State owned Sberbank has been building off-chain custody infrastructure with plans to launch a digital custody system and crypto trading platform by Dec 1. 

Russia has also expanded crypto usage for cross-border payments as Western sanctions restrict access to traditional financial channels. A7A5, a ruble-backed stablecoin developed as part of the A7 settlement network, allows businesses to move rubles into crypto for international transactions without relying on systems such as SWIFT. Western authorities have described it as a sanctions-evasion tool. A7A5 has processed nearly $140bn since its 2025 launch, according to PSB.

A push for the digital ruble

In a January 2022 consultation report, the Bank of Russia proposed banning the issuance, mining, circulation and organized trading of crypto assets in Russia. It also barred financial institutions from investing in it, citing risks to financial stability and to household savings. Its preferred alternative was a state-issued digital ruble.

Despite its intentions, the digital ruble project has slipped repeatedly. According to Interfax, central bank Governor Elvira Nabiullina said in February 2025 that mass introduction of the digital ruble would come "somewhat later" than the 1 Jul 2025 deadline initially set for large banks and retailers.

Legislation passed in Jul 2025 set the digital ruble rollout for 1 Sep 2026, the same day the new crypto rules take effect. From that date, banks and retailers with annual revenue above 120mn rubles ($1.5mn) must support digital ruble payments, with universal-license banks and smaller retailers phased in during 2027 and 2028.

The two timelines now run in parallel. Russians will gain regulated access to trade three foreign-issued crypto assets in the same month the state currency becomes mandatory at the country's largest banks.