Russia allows Bitcoin, Ethereum and USDT for public trading with ₽300,000 cap

The Bank of Russia has proposed public organized crypto trading with Bitcoin, Ethereum, and Tether's USDT as the only eligible assets. Non-qualified Russian residents can spend up to ₽300,000, nearly 58000 dollars, on cryptocurrency through a single broker annually. This cap applies to cumulative purchases made through that broker. The draft directive is open for comments until August 24, and the central bank may amend the asset list, cap, or other provisions before finalizing the directive. Qualified investors will have broader access without a purchase ceiling. Organized trading will initially include only the three specified assets, while qualified investors can trade any cryptocurrencies through intermediaries. Brokers and management companies will facilitate transactions alongside crypto exchanges and digital repositories. The cryptocurrency market law is set to take effect on September 1, with the proposed directive becoming effective 10 days after official publication. The publication date is still pending as consultations continue. Additionally, exporters and importers can use any type of wallet or cryptocurrency for cross-border payments, separate from domestic public-market trading.

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