Russia Clears Bitcoin, Ethereum, and Tether for Public Trading with Strings Attached
Russia has cleared Bitcoin, Ethereum, and Tether's USDT for public trading on Russian exchanges. The Bank of Russia announced this decision as part of its draft directive, which is open for public feedback until August 24. However, the framework for 'public trading' is less open than it seems.
The three assets meet the eligibility criteria set out in Federal Law No. 282-FZ, including an average market capitalisation above $61 billion and average daily trading volumes above $12 billion over the previous two years. Central Bank First Deputy Governor Vladimir Chistyukhin had flagged these three assets during the legislative process.
Non-qualified investors will be limited to 300,000 rubles ($3,690) of crypto purchases per year through each intermediary and must pass a risk knowledge test before buying. Qualified investors face no purchase cap but still need to meet testing requirements. The distinction is crucial because central bank data suggests roughly 98% of Russian investors are non-qualified.
The framework does not override foreign restrictions, and US sanctions continue to apply to transactions involving blocked Russian parties. The inclusion of Tether's USDT is significant, as it formalises a settlement channel that has operated informally for years. This track, rather than the retail-investment track, is likely where meaningful volume will sit.
The Bank of Russia has estimated that Russians held roughly $9.2 billion in crypto on centralised exchanges, including $4.5 billion in Bitcoin and $563 million in Ether. The regulatory approval from a G20 economy did not register against market drivers such as positioning ahead of Wednesday's July CPI print.
The meaningful volume is likely to sit on the trade-settlement track, rather than the retail-investment track. Russia now has a comprehensive licensing regime with defined capital requirements and investor tests taking effect September 1. The US market structure bill remains stalled pending a September 15 procedural vote.