The Central Bank of Russia has restricted retail investments in cryptocurrency: an annual limit of 300,000 rubles.
The Bank of Russia has presented an ambitious draft regulation for the crypto market that fundamentally changes the rules of the game for non-qualified investors. The regulator proposes establishing a strict annual limit on the purchase of digital assets — no more than 300,000 rubles through each individual intermediary: a broker, crypto exchange, or management company.
This measure, put up for public discussion, is designed to shield retail players from the cascading risks typical of the volatile market. However, access to digital currencies is not completely closed — the regulator will allow non-qualified investors to purchase only the most liquid and stable assets. The approved list for public trading on exchanges includes Bitcoin (BTC), Ethereum (ETH), and the stablecoin Tether (USDT).
What the regulator proposes
The 300,000 ruble limit is calculated cumulatively for each broker per calendar year. This means an investor can distribute purchases across several platforms, but within each intermediary the amount must not exceed the established threshold. There are no restrictions for qualified investors — they have access to the full range of crypto assets traded on both exchange and over-the-counter markets.
The division by investor status is enshrined in the document. At the same time, all market participants, regardless of category, are required to undergo testing and familiarize themselves with the risks of investing in crypto assets. The selection of assets is based on the law on digital currencies: market capitalization, average daily trading volume, and pricing history on foreign platforms are taken into account. To be admitted for trading, the history must span at least five years.
Comments and suggestions on the draft are accepted until August 24 inclusive. The Consumer Protection Service has been appointed responsible for its development.
Why these coins were chosen
The criteria filter out young and illiquid assets, so only the top three cryptocurrencies made it onto the list. The regulator calculates market capitalization based on average closing prices over the two preceding years. This approach ensures that only mature projects with an established track record make it onto the list.
Retail interest in Bitcoin is understandable: in July 2026, the flagship cryptocurrency posted a return of 10.1%, becoming the most profitable instrument among all assets in the Bank of Russia's July review. BTC outpaced both Russian industries and foreign securities — the closest competitor lagged by more than two percentage points. Chemical manufacturing was the best runner-up with a result of 7.9%.
For comparison, the regulator also cited two foreign benchmarks. The U.S. stock index S&P 500 TR gained 2.6%, while the U.S. Treasury Bond Index rose 1.7%, and both noticeably trailed the cryptocurrency.
Such a difference in returns demonstrates the scale of volatility that the agency seeks to shield non-qualified investors from. The limit and testing cap potential losses for newcomers while keeping access to the market open.
My expert take: The Central Bank of Russia's initiative is an attempt to strike a balance between protecting retail investors and developing the digital market. The 300,000 ruble limit is a reasonable compromise: it does not cut off newcomers entirely but limits damage during sharp movements. However, the key question is how compliance with the limits will be enforced on the over-the-counter market, where control is traditionally weaker. If the regulator finds effective mechanisms, this project could become a model for other jurisdictions seeking to integrate cryptocurrencies into the legal framework.