Russia’s Central Bank has published a draft directive adding Bitcoin, Ethereum and the stablecoin USDT to the list of cryptocurrencies permitted for public trading on regulated exchanges. The move provides the first concrete list of assets that may be admitted under the country’s new digital currency legislation.

Non-qualified investors will be restricted to these three assets. They may acquire them through any intermediary—brokers, crypto exchanges or asset managers—subject to an annual limit of 300,000 rubles per intermediary. Qualified investors face no such monetary ceiling and may purchase any cryptocurrency admitted to exchange or over-the-counter trading.

Investor Protections and Testing Requirements

The Central Bank stated that the restriction to the most liquid cryptocurrencies is intended to shield non-qualified investors from sharp and unpredictable price swings. All investors, regardless of status, must complete a test and review the risks associated with cryptocurrency investments before executing any trades.

The three assets were selected according to statutory criteria that include market capitalization, average daily trading volume and a price history of at least five years on foreign platforms.

Legislative Background and Timeline

The draft builds on a law signed by President Vladimir Putin on August 4 that establishes a legal framework for cryptocurrency circulation in Russia. The legislation, which passed the State Duma in July, permits purchases through licensed intermediaries and exchange trading while prohibiting the use of cryptocurrencies as a means of payment inside the country. Cross-border settlements remain allowed.

Most provisions of the law take effect on September 1, 2026. The requirement that deals be conducted exclusively through licensed subsidiaries becomes mandatory from July 1, 2027. The Central Bank is accepting comments and proposals on the draft directive until August 24 inclusive.

Intermediaries handling these transactions will operate under the regulator’s oversight. The framework aims to channel retail activity—estimated by the Central Bank to account for the vast majority of market participants—into a supervised environment while preserving broader access for professional investors.

The draft directive is expected to be finalized after the public consultation period and will govern the initial phase of regulated cryptocurrency trading on Russian exchanges.