Russia’s central bank has completed the rules for a regulated retail cryptocurrency market, clearing the way for exchanges to offer Bitcoin, Ether and Tether USDt from Nov. 17. The framework applies to trading through supervised intermediaries rather than open-ended access across the market.
The move formalizes a system in which retail investors can buy a limited list of cryptocurrencies under central bank oversight. It also pairs that expansion with tighter limits on activity outside regulated channels, including a future ban on direct peer-to-peer crypto trading.
Retail access begins under limits and testing
Under the finalized rules, non-qualified investors will be able to buy up to 300,000 rubles, or roughly $3,700, in cryptocurrency per year through each intermediary. The central bank said the limit applies across providers such as brokers, asset managers and crypto exchange operators.
Qualified investors will not face purchase caps. Even so, all investors must pass a mandatory test before they are allowed to trade under the new regime.
Framework follows Putin-backed legislation
The directive follows legislation signed by President Vladimir Putin on Aug. 4 that created a regulated cryptocurrency market subject to Bank of Russia oversight.
On Aug. 11, the central bank released draft rules naming BTC, ETH and USDT as the assets eligible for public trading. The bank said the selection was based on criteria including market capitalization, average daily trading volume and at least five years of price history on foreign exchanges.
That law took effect on Sept. 1. In October, the Bank of Russia also authorized Sberbank, the country’s largest bank, to provide crypto exchange services.
Moscow Exchange prepares December launch
The latest rules arrive as Moscow Exchange gets ready to open its own cryptocurrency market. Russia’s largest securities exchange, which is publicly traded, plans to start crypto trading on Dec. 1.
Its initial rollout is expected to cover the same three cryptocurrencies and begin through pilot transactions, according to the source report.
Restrictions remain outside regulated platforms
At the same time that Russia is opening a supervised route for retail crypto trading, it is narrowing other forms of access. The Bank of Russia says direct peer-to-peer crypto trading will be banned starting July 1, 2027.
Transfers from regulated digital accounts to self-custody wallets are already prohibited, according to the central bank. Russia also continues to ban the use of cryptocurrency as payment for goods and services.
The next confirmed milestone is Nov. 17, when regulated intermediaries can begin offering BTC, ETH and USDT to retail clients under the new rules, followed by Moscow Exchange’s planned Dec. 1 launch.
Source: cointelegraph.com