The Bank of Russia has proposed a directive to open public organized cryptocurrency trading restricted to Bitcoin, Ethereum, and Tether’s USDT, according to reporting by CryptoSlate.
Non-qualified Russian residents would face an annual spending cap of ₽300,000 (approximately $58,000) per broker measured cumulatively through a single calendar year. Qualified investors who pass a test may buy and sell any cryptocurrencies through intermediaries without a ceiling.
The framework distinguishes between market participants by role. Crypto exchanges would buy and sell cryptocurrencies. Digital repositories would record rights to assets. Brokers and management companies would provide additional transaction routes including access to organized trading.
Liam ‘Akiba’ Wright, Editor-in-Chief of CryptoSlate, reported on the proposal. The Bank of Russia can amend the three-asset list, the spending cap, or other provisions before issuing the final directive.
Timeline and Foreign Trade Provisions
The comment period for the draft directive closes on August 24. The underlying cryptocurrency market law is scheduled to take effect September 1. The proposed directive would take effect 10 days after official publication.
The framework includes a foreign trade provision allowing exporters and importers to use any wallet or cryptocurrency type for cross-border payments directly or through intermediaries. This carve-out permits broader asset access for international commerce outside the three-asset restriction.
The broker is designated as the unit of measurement for the ₽300,000 annual cap. A non-qualified resident could theoretically work with multiple brokers, though the cap applies per broker per calendar year.
Qualified Investor Status
Qualified investors who pass a test gain unrestricted access to any cryptocurrency through intermediaries. The Bank of Russia has not disclosed the specific testing requirements or criteria for qualified investor classification.
The proposal represents the central bank’s attempt to establish a regulated domestic market for cryptocurrency trading while restricting retail exposure to the three largest and most established assets by market capitalization and adoption.
