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The Central Bank of Russia (CBR) has stated that retail crypto investors will only be allowed to purchase Bitcoin, Ethereum, and USDT during the initial phase of the new digital asset regulatory framework, according to remarks by Deputy Governor Vladimir Chistyukhin published by RBC. This proposal targets non-professional investors and is expected to take effect on July 1, 2026, through licensed intermediaries, with a crypto purchase limit of 300,000 rubles per year per intermediary. This move indicates that Moscow is seeking to bring crypto trading into a tighter regulatory framework rather than fully opening up to the retail market.
What the Rules Say
According to the proposed framework by the Central Bank of Russia, crypto purchases in the initial stage will be limited to a group of highly liquid assets and conducted only through licensed intermediaries. The initial asset list includes Bitcoin, Ethereum, and USDT, though the draft may allow the CBR to add more assets after the law comes into effect.
CBR limits retail investors to three cryptos. Source: CBR
Non-Qualified Investors
The non-professional retail group will have to pass a knowledge test before purchasing digital assets and will be limited to 300,000 rubles per year per intermediary, equivalent to approximately $4,080 according to the Central Bank of Russia’s official USD/RUB exchange rate around June 6, 2026.
Qualified Investors
Qualified investors will have a broader scope of crypto access. According to the proposal published by the CBR in December 2025, this group can purchase a wider variety of cryptos and will not face transaction size limits, but they must still pass a risk test. Anonymous coins or tokens with transaction obfuscation mechanisms will not be permitted for trading within this framework.
The draft bill “On Digital Currency and Digital Rights” also defines the market participants, including exchanges, brokers, management companies, depositories, and crypto exchange offices. Crypto and stablecoins will be viewed as tradeable assets within the licensed framework, but they still cannot be used for payments of goods and services within Russian territory.
Why These Three Assets
The selection of BTC, ETH, and USDT shows that the CBR is prioritizing crypto assets with the largest market sizes and recognition, rather than expanding immediately to smaller tokens. According to CoinGecko data, Bitcoin remains the largest crypto asset with a market cap of around $1.26 trillion, Ethereum ranks second at around $197.8 billion; and Tether USDT ranks third at around $186.9 billion.
Bitcoin and Ethereum are two straightforward choices on this list due to their long trading histories, vast ecosystems, and foundational roles in the global crypto market. As for USDT, it is a USD-pegged stablecoin, one of the primary pricing and liquidity currencies across multiple exchanges.
However, Chistyukhin also emphasized the unique risks of stablecoins. He warned that USDT could be frozen or disabled in certain cases, causing holders to lose access to their assets. This perspective also explains why the CBR does not support raising the stablecoin purchase limit for retail investors, even though the Russian Ministry of Finance previously stated that the market should have a mechanism to consider additional stablecoins from “friendly” jurisdictions or stablecoins pegged to the ruble.
Why It Matters
For retail users in Russia, the new regulatory framework may create a more legitimate entry point for BTC, ETH, and USDT, but at the same time, it excludes most tokens from initial access. Other popular assets such as XRP, Solana, BNB, or TON will not be included on the list for non-professional investors unless the CBR decides to expand it later.
This framework also places retail within a tighter scope of control. Retail investors will be restricted to a very narrow range of assets, have low purchase limits, be required to pass a knowledge test, and must trade through licensed intermediaries.
This approach aligns with the CBR’s long-standing cautious stance. The agency has repeatedly described crypto as a high-risk asset due to high volatility, the lack of a responsible issuer, and potential exposure to sanctions or decisions by stablecoin issuers.
What’s Next
The draft bill passed its first reading in the Russian State Duma in late April 2026, but it still requires subsequent legislative steps before becoming a complete law. If passed according to plan, the main part of the regulatory framework will take effect on July 1, 2026.
The enforcement phase will tighten further on July 1, 2027, when Russia is expected to introduce legal liability for unauthorized crypto intermediary activities, similar to the handling of illegal banking activities. This could heavily impact P2P channels, unlicensed crypto exchange offices, and unregulated crypto lending services.
In the short term, the main point of market interest is whether the Central Bank of Russia will maintain the list of BTC, ETH, and USDT throughout the initial stage or add other stablecoins and cryptos after the market becomes operational.
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