Russia’s central bank has finalized rules allowing retail investors to buy and sell Bitcoin (BTC), Ethereum (ETH) and Tether (USDT) through regulated intermediaries from Nov. 17. Non-qualified investors will be limited to 300,000 rubles (about $3,700) in purchases per year through each intermediary, while qualified investors will have no purchase cap. All investors must pass a test before trading. The rules bring crypto trading into regulated channels but leave restrictions on over-the-counter trades and crypto payments in place.
Annual limits apply separately at each intermediary
Investors will be able to trade through intermediaries such as brokers, asset managers and crypto trading service providers. The 300,000-ruble annual limit applies separately to each intermediary; it is not a single cap across all platforms. Qualified investors face no purchase limit, but must also pass the pre-trade test.
The permitted assets are BTC, ETH and USDT. A central bank draft published earlier set criteria for eligible assets based on market capitalization, average daily trading volume and at least five years of price history on foreign exchanges. The framework was established by a law signed on Aug. 4 and effective from Sept. 1, with the central bank tasked with setting the detailed trading rules.
Moscow Exchange plans Dec. 1 pilot
Moscow Exchange, Russia’s largest stock exchange, plans to begin crypto trading on Dec. 1, initially with a pilot focused on the three permitted assets. The listed exchange’s plan could bring crypto assets onto Russia’s traditional trading infrastructure, although the initial offering will remain a pilot.
Sberbank, one of Russia’s largest banks, received approval to offer crypto trading services in October. As banks and exchanges enter the regulated market, investors are gaining more compliant routes to trade. Transactions will still be subject to the central bank’s eligibility, purchase-limit and testing requirements.
Over-the-counter peer-to-peer trades face 2027 ban
As Russia expands trading through regulated platforms, it is also tightening controls outside those channels. The central bank says direct peer-to-peer crypto trading will be banned from July 1, 2027. Transfers from regulated digital accounts to self-custody wallets are already prohibited.
Russia also continues to ban the use of cryptocurrencies to pay for goods and services. The new rules therefore permit investment trading through designated intermediaries without changing the ban on everyday crypto payments. Trading channels, annual purchase limits and restrictions on moving funds remain key conditions for users entering the market.