Russia limits retail crypto trading to Bitcoin, Ethereum and USDT starting September 1

The Bank of Russia has proposed limiting retail crypto trading to Bitcoin, Ether, and Tether's USDT on regulated exchanges starting September 1, 2026. Under the new framework, non-qualified investors face a 300,000-ruble (approx. $3,600) annual purchase limit per intermediary and must pass a risk knowledge test. Qualified investors face no purchase caps. Major institutions like Alfa-Bank, Sberbank, and T-Bank are preparing custody and trading products, while domestic crypto payments remain strictly prohibited.

Russia retail crypto whitelist

• ▪The Bank of Russia proposed allowing only Bitcoin, Ether, and Tether's USDT to trade on regulated exchanges for retail investors starting September 1, 2026.
• ▪The Bank of Russia is accepting public comments on its proposed cryptocurrency whitelist and related requirements until August 24, 2026.
• ▪The Bank of Russia selected Bitcoin, Ether, and USDT based on criteria requiring sufficient market size, average daily trading volume, and at least five years of trading history outside Russia.

Non-qualified investor purchase limits

• ▪Non-qualified investors in Russia will face a 300,000-ruble (approximately $3,600) annual purchase limit through each individual intermediary, including brokers, exchanges, and asset managers.
• ▪Before completing any cryptocurrency transactions, all Russian investors must pass a knowledge test covering crypto investing and its associated risks.

Qualified investor trading access

• ▪Qualified investors in Russia must still complete risk testing requirements despite being exempt from the annual purchase ceiling.
• ▪Qualified investors in Russia will face no purchase limits when trading approved cryptocurrencies through exchanges or over-the-counter markets.

Crypto exchange registration requirements

• ▪Digital depositories in Russia will face minimum equity requirements ranging from 50 million rubles to 250 million rubles depending on the services they provide.
• ▪Crypto exchange providers in Russia must enter a special registry, hold at least 15 million rubles in equity, and join an approved financial-market self-regulatory organization.
• ▪Existing Russian crypto exchange services have until July 1, 2027, to comply with the new registration and equity requirements.

Russian crypto law implementation timeline

• ▪President Vladimir Putin signed Russia's new digital currency law on August 4, 2026, with its main provisions scheduled to take effect on September 1, 2026.
• ▪The August 4, 2026 law maintains Russia's existing prohibition on using cryptocurrency for domestic payments while permitting its use for certain cross-border settlements.

Russian bank crypto product preparation

• ▪Alfa-Bank has been testing cryptocurrency trading, including Bitcoin, Ether, Tether, USD Coin, Solana, Litecoin, and Zcash, inside its Alfa-Investments application with qualified investors.
• ▪T-Bank and VTB are preparing systems to offer cryptocurrency services, with T-Bank planning to offer buying, selling, storage, and balance tracking through its mobile applications.
• ▪Sberbank is developing a crypto wallet and digital asset depository, targeting December 1, 2026, for its custody infrastructure launch.

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