Overview
- The Bank of Russia published a draft directive on Tuesday, August 11, 2026, proposing Bitcoin, Ethereum and Tether USDT as the only cryptocurrencies eligible for public retail trading under the new law.
- Non‑qualified retail investors will be limited to 300,000 rubles of purchases per year through each intermediary and must pass a regulator‑issued knowledge test before trading.
- Accredited investors will not face the 300,000‑ruble cap but will still need to pass testing; the regime keeps domestic payments in crypto banned while allowing certain cross‑border settlement uses.
- Exchanges, custodians and digital depositories must register with the central bank, meet minimum equity and join approved self‑regulatory bodies (exchanges face at least 15 million rubles in equity), with core rules effective Sept. 1, 2026 and transition windows into mid‑2027.
- Major banks have started asking corporate clients for extra information on crypto and USDT flows, highlighting how the framework swaps legal recognition and property protection for greater state visibility and gatekeeping of crypto activity.