The Bank of Russia has put forward a proposal that would allow Bitcoin, Ethereum, and Tether's USDT to trade on regulated exchanges. The draft rules, reported this week, include annual purchase limits for non-qualified investors and mandatory risk testing. It's a notable shift for a central bank that has spent years pushing back against crypto.
What the proposal includes
Under the plan, non-qualified investors would face annual purchase caps on the three assets. They'd also have to pass a risk assessment before buying. The exact limits aren't spelled out in the proposal, but the structure suggests a cautious opening rather than a free-for-all.
Qualified investors — those who meet certain income or asset thresholds — would not be subject to the same caps. The proposal also covers USDT, the largest stablecoin, which is widely used for cross-border payments and as a hedge against the ruble.
A change of course
The central bank has long argued for a blanket ban on crypto, citing risks to financial stability and consumer protection. This proposal marks a clear departure from that stance. It doesn't legalize crypto as a means of payment — that's still off the table — but it would allow trading on regulated venues, which is a step the bank previously resisted.
The timing is telling. Russia has faced mounting sanctions and capital controls, and crypto has become a practical workaround for many businesses and individuals. Allowing regulated trading could give the state more visibility into these flows while still keeping some control.
Limits and testing
The mandatory risk testing is designed to ensure that retail investors understand what they're buying. It's a common tool in traditional finance, used for complex products like derivatives. Applying it to crypto suggests the central bank sees these assets as risky but not entirely off-limits.
The annual purchase caps would apply to non-qualified investors, but the proposal doesn't say how they'd be enforced. That's one of the details that would need to be worked out if the plan moves forward.
What's left to decide
The proposal is not yet law. It would need to be approved by the Russian parliament and signed by the president. Lawmakers have shown interest in crypto regulation before, but the timeline is unclear. The central bank is also expected to consult with other regulators and market participants before any final rules are drafted.
For now, the proposal sits as a signal — a concrete one — that Russia's position on crypto is shifting. The next step is legislative review, and that's where the details will get hashed out.
