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

The Central Bank of Russia has rejected proposals to expand retail cryptocurrency access, maintaining strict limitations for nonqualified investors. According to Deputy Governor Vladimir Chistyukhin, once the forthcoming regulatory framework is implemented—expected as early as next month—nonqualified participants will be permitted to trade only three digital assets: Bitcoin, Ethereum, and the stablecoin USDT. This move follows the State Duma's April approval of digital currency legislation. Chistyukhin cited extreme market volatility and the risk of stablecoin freezes as primary justifications for the restrictions. The proposed rules include a 300,000-ruble investment cap and a mandatory knowledge assessment for all buyers. Additionally, the legislation outlines a ban on unauthorized cryptocurrency lending starting in 2027. The bill currently awaits its second and third readings before moving to the Federation Council and receiving a final presidential signature.