The Central Bank of Russia stated that in the initial phase of the new legal framework for digital assets, the scope of crypto assets open to non-accredited investors will not be expanded. Under the current arrangement, retail investors will initially only have access to Bitcoin, Ethereum, and the stablecoin USDT; XRP is not yet included.
The bill has completed its first reading.
The bill, titled "Digital Currency and Digital Rights," has completed its first reading in the Russian State Duma and is expected to take effect on July 1, 2026. Vladimir Chistyukhin, First Deputy Chairman of the Central Bank of Russia, stated that regulators still view digital assets as highly volatile and risky instruments, therefore retail investor exposure needs to be kept low.
The central bank also rejected a proposal to raise the investment cap for retail investors. Under the current arrangement, the annual investment limit for each professional participant remains at 300,000 rubles, approximately $4,000. Regulators stated that this level already covers the average balance of most brokerage and trust accounts.
USDT is still on the first list
Despite regulators' concerns about the risks of stablecoins being frozen and blocked, USDT has been retained on the initial list of eligible investments. The Russian central bank cited USDT's high liquidity and wide market adoption as reasons.
Regulators have previously discussed allowing more digital assets to be added to the list, including domestic stablecoins. Chistyukhin stated that if local token projects gain wider adoption, expansion may be considered in the future.
XRP already has locally compliant products.
Although XRP was not included in the initial list of currencies that retail investors could trade directly, its presence in Russia's regulated financial system is increasing. The Moscow Exchange has launched the MOEX XRP Index, with pricing data sourced from multiple international trading platforms, serving as the official benchmark for XRP-related products.
The Moscow Exchange has also launched XRP futures settled in rubles. These products allow accredited investors and institutions to gain XRP exposure within the Russian regulatory framework, without relying on foreign trading platforms. Under the proposed legal framework, assets such as XRP, Solana, and Cardano will initially be available only to professional and accredited investors.
Incorporating transaction participants into the new framework
The draft also clarifies the participants in digital currency trading, including exchanges, brokers, management companies, custodians, and exchange institutions. Both qualified and unqualified investors are required to complete a knowledge test before purchasing digital assets.
Russian Deputy Finance Minister Ivan Chebeskov previously supported expanding access to stablecoins issued in "friendly jurisdictions," citing ruble stablecoin projects launched in Kyrgyzstan and other regions.
Additional information:The Central Bank of Russia stated that at least one Russian company has issued tokens for international settlements, and regulators will continue to monitor the development of such projects before deciding whether to adjust the approval list.
