Bank of Russia Limits Retail Crypto Trading to Bitcoin, Ethereum and USDT

The Central Bank of Russia has turned down proposals to immediately broaden retail access to cryptocurrencies, keeping restrictions in place for nonqualified investors. Deputy Governor Vladimir Chistyukhin said that once the new framework is implemented, nonqualified investors will be allowed to trade only three digital assets: Bitcoin, Ethereum and the stablecoin USDT. He cited crypto's high volatility, market risks, and the possibility of stablecoin restrictions or freezes as reasons to maintain tight limits. The measures are part of Russia's digital currency legislation, which passed its first reading in the State Duma by a wide margin in April and is expected to take effect next month. Regulators also plan to keep the proposed investment cap of 300,000 rubles. Under the draft rules, both qualified and nonqualified investors would be required to pass a mandatory knowledge test before purchasing any digital asset. Beginning in 2027, unauthorized cryptocurrency lending would be banned. The bill must still pass its second and third readings, secure approval from the Federation Council, and be signed by the president before it can become law.