Russia picks Bitcoin, Ethereum and USDT for public trading as retail faces $58,000 cap
The Bank of Russia proposed a regulated public crypto trading venue limited to Bitcoin, Ethereum, and Tether’s USDT. Non-qualified Russian residents would be allowed to buy up to ₽300,000 in crypto per year through a single broker, with the cap based on cumulative purchase costs via that broker. Qualified investors would face a test but could then trade any cryptocurrencies through intermediaries without an investment ceiling. The draft is open for public comment until Aug. 24 and can still be changed before final issuance. The planned framework would place brokers, management companies, exchanges, and digital repositories into the market structure, with organized trading as one channel. Russia’s crypto market law is set to take effect on Sept. 1, while the directive will take effect 10 days after official publication. A separate provision would allow exporters and importers to use crypto for cross-border payments.
