The Bank of Russia has identified the cryptocurrencies available for purchase by individuals without qualified investor status. According to the bank’s November 6 announcement, the list includes Bitcoin, Ethereum and Tether’s USDT. The rules will take effect on November 17, allowing retail investors to purchase up to 300,000 rubles worth of crypto annually through each intermediary.
Access opens for Bitcoin, Ethereum and USDT
The new rules clarify the conditions for retail participation in Russia’s crypto market. Exchanges will be able to admit the three assets to public trading starting November 17.
Investors will be able to make purchases through brokers, asset managers or crypto exchange businesses. The rules cover both exchange-based and over-the-counter transactions.
The central bank considered market capitalization, average daily trading volume and price history on foreign platforms when compiling the list. Eligibility criteria include at least five years of price history. By focusing on highly liquid assets, the regulator aims to reduce the risks facing retail investors.
Annual purchase cap applies separately to each intermediary
Individuals without qualified investor status will face an annual purchase limit of 300,000 rubles through a single intermediary. The cap will therefore apply to purchases made through that particular provider.
Before trading, investors will need to pass a test and familiarize themselves with the risks of crypto investments. This requirement will also apply to qualified investors.
Qualified investors, however, will not face the same restrictions on asset types or purchase amounts. The central bank’s framework gives this group broader access to crypto trading.
August proposal moves toward implementation
The central bank released its draft rules for retail crypto purchases for public consultation on August 11. The proposal also included Bitcoin, Ethereum and USDT, alongside an annual purchase cap of 300,000 rubles per intermediary.
The regulator accepted comments and suggestions on the draft until August 24. Today’s announcement confirmed when the previously announced list will take effect. This marks another step in the implementation timetable for market participants.
The broader regulatory framework rests on the cryptocurrency law that took effect in September. It provides for crypto exchange businesses and digital depositories to operate alongside existing financial institutions.
The Bank of Russia had previously stated that crypto transactions could take place through brokers and management companies. The ban on using cryptocurrencies as a means of payment within Russia remains in place.
Moscow Exchange plans to launch trading in December
As the regulatory timetable progresses, Moscow Exchange is preparing to introduce crypto trading. The exchange plans to launch Bitcoin, Ethereum and USDT trading on December 1. According to the report, trading will run from 6:50 a.m. to 11:50 p.m. Moscow time.
The National Clearing Centre will handle clearing. Both same-day and next-day settlement options will be available.
The November 17 regulatory effective date therefore differs from Moscow Exchange’s planned trading launch. The first date allows the assets to be admitted to trading, while the exchange’s own schedule points to December.
The market’s institutional infrastructure is also expanding. On October 6, the central bank announced that it had added the first five digital depositories and four crypto exchange businesses to the relevant registers.
Digital depositories will be able to record and transfer rights to the assets. Crypto exchange businesses will be able to trade on their own account outside organized exchanges.
