The Central Bank of Russia will limit retail investments in cryptocurrencies: an annual limit of 300,000 rubles.
The Bank of Russia has presented a draft directive introducing strict restrictions for non-qualified investors in the digital assets market. According to the document, which has been submitted for public discussion, each retail investor will be able to purchase cryptocurrencies through a single intermediary — whether a broker, crypto exchange, or asset management company — for an amount not exceeding 300,000 rubles per year.
The essence of the regulation: access only to "blue chips"
The regulator intends to grant non-qualified market participants access exclusively to the most liquid and stable digital assets. The preliminary list of permitted coins includes only the three largest cryptocurrencies by market capitalization: Bitcoin (BTC), Ethereum (ETH), and the stablecoin Tether (USDT). This approach is designed to minimize the risks of sharp and unpredictable price fluctuations that are characteristic of less mature altcoins.
An important detail: the 300,000 ruble limit is calculated separately for each broker. This means that, formally, an investor could circumvent the restriction by distributing funds across multiple platforms. However, the total value of purchases, expressed in rubles per calendar year, will be aggregated for each intermediary, which creates additional administrative barriers.
Asset selection criteria: a focus on maturity
The choice of BTC, ETH, and USDT is not coincidental. The methodology is based on requirements from the law on digital currencies: market capitalization, average daily trading volume, and pricing history on foreign platforms are taken into account. To be admitted to public circulation, an asset must have a history of at least five years. This automatically filters out young and illiquid projects, leaving only time-tested coins on the market.
Notably, no restrictions are provided for qualified investors — they will be able to trade any assets both on the exchange and over-the-counter markets. The division by investor status is enshrined in the document, and the testing and risk disclosure procedure will become mandatory for all participants, regardless of their category.
Why now: Bitcoin's returns hit record highs
Retail investor interest in cryptocurrencies is fueled by impressive return figures. In July 2026, Bitcoin demonstrated growth of 10.1%, becoming the most profitable instrument among all assets included in the Bank of Russia's review. For comparison: the closest competitor — chemical manufacturing — showed only 7.9%, while the U.S. S&P 500 TR index gained 2.6%. The U.S. Treasury Bond Index was limited to just 1.7%.
Such a difference in returns vividly illustrates the scale of volatility from which the regulator seeks to protect inexperienced investors. The introduction of the limit and mandatory testing is an attempt to strike a balance between access to a high-yield market and protecting newcomers from potentially catastrophic losses.
My view: this is a reasonable compromise. The Central Bank of the Russian Federation does not ban cryptocurrencies but creates a "sandbox" for retail investors, limiting the amount of potential damage. However, practical implementation will raise questions — for example, how an investor's aggregate position across different brokers will be tracked and whether this will lead to the growth of gray schemes. Comments on the document are accepted until August 24, and the final version may undergo changes.