Russia takes a step forward in its approach to crypto. The Central Bank has just proposed a framework allowing individuals to access three cryptocurrencies on public markets. The project targets Bitcoin, Ethereum and USDT, with an annual limit for non-qualified investors. This development marks a controlled crypto opening of the market, while the authorities want to limit exposure to price variations. The system provides conditions for intermediaries and investors before any operation.
In brief
- The Bank of Russia is proposing to allow individuals to purchase three cryptocurrencies on public markets.
- Bitcoin, Ethereum and USDT would be accessible to non-qualified investors under certain conditions.
- The annual ceiling would reach 300,000 rubles per intermediary for the investors concerned.
- Qualified investors could trade all available cryptocurrencies without restriction.
Russia regulates access to the public market
After the official adoption of the framework legalizing the digital asset market in Russia, the Central Bank published on August 11 a draft directive dedicated to non-qualified investors. These individuals could purchase digital assets through brokers, exchanges or managers. However, the central bank indicated in a separate press release that crypto would remain subject to an annual cap set at 300,000 rubles per intermediary. Thus, each broker, platform or manager could separately apply this limit to purchases made by the same investor.
The text also specifies the role of the different intermediaries in this system. Purchases may go through several authorized actors, but the ceiling will remain calculated for each intermediary. This organization makes it possible to distinguish the access channels used by unqualified investors. It also gives platforms a clear framework for applying the new rules in their daily operations. For individuals, this framework combines limited access, mandatory testing and asset selection. Crypto therefore still remains accessible, but under precise conditions which govern operations.
The new framework also now provides for a mandatory step before any transaction. All investors will have to pass a test and be aware of the risks associated with crypto-assets. This requirement therefore also concerns qualified investors, despite their wider access to the market. Therefore, Russia seeks to gradually open operations while maintaining a protective framework for individuals.
Bitcoin, Ethereum and USDT at the heart of the system
The project identifies three assets that can be admitted to public exchanges: Bitcoin, Ethereum and Tether’s USDT. The selection is mainly based on liquidity, capitalization and price history. To be accessible to non-qualified investors, an asset must have a price history of at least five years on foreign platforms. Its average daily volume also falls within the criteria used by the authorities.
The selected crypto must therefore have liquidity deemed sufficient to limit sudden and unpredictable price movements. The project currently excludes XRP from this list, despite its existence since 2012. The Bank of Russia links its choice to the criteria provided for by the new federal law on cryptocurrencies. This method therefore favors assets with an established market and sufficiently extensive price data.
Different rules depending on investors
Qualified investors benefit from a significantly broader regime in the project presented by the authorities. They could acquire all cryptocurrencies traded on stock exchanges and over the counter, without cap. This difference creates two levels of access depending on the status of the investor. Crypto therefore becomes accessible to the public, but under much stricter conditions for unqualified individuals.
The system comes after several measures intended to broaden access to digital assets for wealthy investors. He also intervenes while Tether faces scrutiny over some USDT linked to sanctioned Russian platforms. The Bank of Russia is now opening a consultation period until August 24. After official publication and signature by Elvira Nabiullina, the directive must enter into force ten days later.
Crypto could thus gain a more structured place on Russian public markets, without abandoning the limits set for individuals. However, Russia will have to finalize the text after the comment period. The future regulatory framework will therefore depend on adjustments made before its entry into force. For the moment, the project above all confirms a gradual opening, centered on three assets and accompanied by precise rules.
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