Russia picks Bitcoin, Ethereum and USDT for public trading as retail faces $58,000 cap

The Bank of Russia has proposed opening public organized crypto trading with only Bitcoin, Ethereum, and Tether’s USDT eligible for admission.

Under the draft directive, a Russian resident who is not a qualified investor could spend up to ₽300,000, nearly $58,000, on cryptocurrency through a single broker in a calendar year. The cap measures cumulative purchase costs through that broker.

That structure makes the broker the unit of the proposed ceiling. It also limits acquisitions: the directive’s formula totals the ruble cost of cryptocurrency purchases made for the client through the broker during the year.

The draft remains open for comments through Aug. 24, according to its explanatory note. The central bank can amend the three-asset appendix, cap, or other provisions before issuing a final directive.

Investor status changes the gate for Bitcoin, Ethereum, and USDT

Public organized trading of Bitcoin, Ethereum, and USDT would begin with the three assets in the appendix. Qualified investors have a wider regulated route under the framework described by the central bank.

In its overview of the underlying law, the Bank of Russia said that qualified investors must also pass a test, after which they may buy and sell any cryptocurrencies through intermediaries without a ceiling on the amount.