Russia Approves Bitcoin, Ethereum, and USDT for Retail Trading—XRP Excluded

Russia’s New Crypto Trading Framework

The Bank of Russia unveiled its first regulatory framework for retail cryptocurrency trading on August 11, marking a significant step toward integrating digital assets into the country’s financial system. According to the draft directive published by the central bank, non-qualified investors—ordinary retail traders—may now purchase cryptocurrencies through licensed brokers, exchanges, and asset managers on regulated public platforms.

The framework imposes a strict annual ceiling for retail participation: investors are limited to acquiring cryptocurrencies valued at no more than 300,000 rubles per year through any single intermediary. As the central bank stated, this measure aims to protect less sophisticated investors from exposure to volatile price swings while permitting measured participation in the crypto market.

Bitcoin, Ethereum, and USDT Clear the Bar—XRP Does Not

The central bank’s approved list is remarkably selective, encompassing only three assets: Bitcoin, Ethereum, and Tether’s USDT. This exclusion stems from a new federal law on digital currencies that establishes eligibility criteria based on market fundamentals. According to the Bank of Russia, approved coins must demonstrate substantial liquidity through high market capitalization and average daily trading volumes, along with at least five years of established pricing history on international platforms.

Notably absent from the approved roster is XRP, the cryptocurrency associated with payments company Ripple. Despite potentially meeting the objective liquidity and market cap thresholds, XRP remains off-limits for retail traders on Russian exchanges. Industry analysts suggest the exclusion may relate to the token’s regulatory history, particularly the SEC lawsuit against Ripple that led to XRP’s delisting and subsequent reinstatement on various global exchanges—a track record the central bank may view as introducing additional uncertainty for retail investors.

Different Rules for Accredited Investors

Russia’s framework establishes a two-tiered system. Qualified investors—those meeting accreditation standards—face no purchasing caps or restrictions on which cryptocurrencies they may trade. These wealthier, more sophisticated participants can access all assets listed on Russian exchanges and over-the-counter markets without limitations.

However, regardless of investor status, all market participants must first pass a standardized risk assessment test and review educational materials about cryptocurrency investment risks. This universal requirement ensures that even qualified investors acknowledge the volatility and unique risks associated with digital asset trading.

The directive represents Russia’s continued evolution toward regulated cryptocurrency markets following earlier steps to permit crypto investment among the wealthy and accredited classes. By establishing clear eligibility standards and tiered access rules, Moscow is attempting to balance innovation with consumer protection—though the exclusion of XRP underscores how regulatory uncertainty can limit even well-established digital assets.

Source: Bank of Russia, via Decrypt. Not financial advice.