Russia's Central Bank Limits Retail Crypto to Bitcoin, Ethereum, USDT
In brief
- Russia's central bank rejected expanding crypto access beyond Bitcoin, Ethereum, and USDT for retail investors
- New regulations take effect next month following State Duma first reading in April
- Retail investors face 300,000-ruble investment cap and mandatory knowledge test requirement
- Unlicensed crypto lending banned from 2027 under proposed rules
The Regulatory Framework
Russia's central bank rejected calls to immediately expand access to crypto beyond the three leading digital assets for non-qualified investors. The decision reflects the regulator's cautious approach to retail participation in digital asset markets.
The new crypto regulations are expected to become effective next month after the State Duma passed its first reading in April. Both qualified and non-qualified investors will be required to pass a mandatory knowledge test before buying digital assets, adding a compliance layer to market entry.
Investment Caps and Risk Mitigation
The central bank intends to keep the proposed 300,000-ruble investment cap unchanged for non-qualified investors. The regulator views digital assets as highly risky and sees no need to broaden the list of approved crypto or increase investment limits.
Chistyukhin cited crypto's high volatility, market risks, and the potential for stablecoin restrictions or freezes as reasons for maintaining strict limits. These concerns underscore why Moscow is moving deliberately rather than opening markets more broadly.
Path to Law
The bill still requires two additional readings, Federation Council approval, and presidential signature before becoming law. Unlicensed crypto lending will be banned from 2027 onward under the proposed rules, extending the regulator's reach into the broader crypto ecosystem beyond spot trading.
