Russia Proposes Retail Crypto Purchases Limited to Bitcoin, Ethereum, and USDT

The Bank of Russia has proposed new rules for retail cryptocurrency purchases in Russia. The rules would limit non-qualified investors to purchasing up to 300,000 rubles of eligible crypto per year through each intermediary. Bitcoin, Ethereum, and USDT are currently the only cryptocurrencies that meet the criteria and qualify under the draft framework.

XRP has been left off the proposed retail cryptocurrency list, meaning it would not be available to non-qualified investors if the current framework takes effect without changes. The Bank of Russia selected Bitcoin, Ethereum, and USDT based on market capitalization, average daily trading volume, and at least five years of pricing history on foreign exchanges.

Qualified investors would receive broader market access under the draft rules and could purchase cryptocurrencies traded on exchanges and through over-the-counter markets without the 300,000-ruble annual limit. The Bank of Russia has opened the draft directive for public comments until August 24, allowing provisions to be adjusted before the final rules are adopted.