The Russian Ministry of Finance has approved limits and a list of cryptocurrencies for retail investors: what will change
Russian regulators have finally determined the parameters for non-qualified investors' access to the digital asset market. After years of discussions, during which even proposals for a complete ban on the industry were voiced, the Ministry of Finance has presented specific frameworks. Deputy Minister of Finance Ivan Chebeskov revealed key details of the new approach, which essentially forms a "white list" of cryptocurrencies for ordinary citizens.
Which assets will become available and to whom
According to Chebeskov's statement, retail investors will only be entitled to legally invest in a limited set of cryptocurrencies. The selection of assets will be based solely on market capitalization levels. Only those digital currencies whose average market value over two calendar years exceeds 5 trillion rubles will be included in the list.
The most common instruments in the world currently meet this criterion:
- Bitcoin (BTC).
- Ethereum (ETH).
- BNB (BNB).
- XRP (XRP).
- Stablecoins USDT and USDC.
Notably, authorities previously highlighted the "toxicity" of certain assets, particularly Tether (USDT), whose issuers can freeze funds. However, judging by the final list, the regulator decided not to exclude the most liquid stablecoins, indicating a pragmatic approach.
For non-qualified investors, an annual investment cap of 300 thousand rubles through a single intermediary has also been established. Chebeskov emphasized that this is a significant amount for most citizens, and future adjustments to the limit will depend on law enforcement practice. Initially, access was planned to be opened only to qualified investors, with even the creation of a separate "super-qualified" category being considered.
Stages of the bill
The document has already passed its first reading in the State Duma and is currently being refined. The Bank of Russia, the professional community, representatives of the crypto industry, and law enforcement agencies are actively involved in the legislative work. The Ministry of Finance expects the bill to be adopted in the second and third readings during the current session.
Expert comment: The established limit of 300 thousand rubles and the strict capitalization filter are undoubtedly a step towards legalization, but a very conservative one. In essence, Russians are being offered to invest only in the "blue chips" of the crypto market. The exclusion of many promising altcoins could push investors towards unregulated channels, which would negate the goal of control. Nevertheless, the very fact of moving from bans to rules is a positive signal for the market.