The Bank of Russia has published a draft directive that would open organized crypto trading to the public for the first time, but only in three assets: Bitcoin, Ethereum and Tether's USDT. Retail investors who aren't classified as qualified would be capped at ₽300,000 (about $58,000) per broker per year. The central bank is taking comments until Aug. 24.
Three coins only
The draft limits admission to organized exchanges to those three cryptocurrencies. The central bank can amend that appendix, the cap, or other provisions before issuing a final directive. Qualified investors who pass a test can buy and sell any cryptocurrency through intermediaries, with no ceiling on the amount.
The retail cap
The ₽300,000 cap measures cumulative purchase costs through a single broker in a calendar year. So a non-qualified investor could spread purchases across multiple brokers, but each broker has its own limit. The directive doesn't specify a total across brokers.
Timeline
The underlying market law takes effect Sept. 1. The proposed directive would take effect 10 days after official publication. The directive's date and number are still blank while consultation continues.
Foreign trade channel
The law also creates a separate lane for cross-border payments. Exporters and importers can use any type of wallet or cryptocurrency, either directly or through intermediaries. That's distinct from the organized trading framework, which places brokers and management companies alongside crypto exchanges and digital repositories.
