The Central Bank of Russia has announced that under the country’s upcoming digital asset legislation, only Bitcoin (BTC), Ethereum (ETH), and USDT will be available to non-professional investors in the initial phase. Slated to take effect on July 1, 2026, the Digital Currency and Digital Rights law has already passed its first reading in the State Duma. Notably, the draft does not include XRP among the approved assets for retail investors.
Retail investor access to remain tightly controlled
The Central Bank clarified that it has no intention to broaden the list of cryptocurrencies accessible to individual investors during this first phase. First Deputy Governor Vladimir Chistyukhin explained that digital assets continue to be seen as highly volatile and inherently risky. As a result, the authorities aim to keep retail access limited until the market matures further.
Chistyukhin emphasized that the initial offering for retail participants will be strictly confined to Bitcoin, Ethereum, and USDT, and additional coins will not be considered for inclusion immediately after the law takes effect.
The regulator also rejected proposals to raise the annual investment ceiling for individuals. For professional participants, the yearly investment cap remains set at 300,000 rubles, approximately $4,000. The Central Bank stated that this threshold is intended to reduce potential losses and noted that average balances in broker and portfolio management accounts remain below this level.
A cautious stance is also being taken regarding stablecoins. Chistyukhin pointed to specific vulnerabilities associated with USDT, such as the potential freezing or blocking of assets. Despite these concerns, USDT remains on the approved list due to its high liquidity and widespread adoption in the market.
XRP reserved for institutional use
Although XRP is not authorized for retail investors at this stage, it is gaining traction in Russia’s regulated financial infrastructure for institutional purposes. The Moscow Exchange has launched the MOEXXRP index, which tracks XRP prices based on data from major global trading platforms. As one of the primary operators of Russia’s capital markets, the Moscow Exchange plays a central role in equities, fixed income, derivatives, and foreign exchange trading.
Glossary: The MOEXXRP index is the Moscow Exchange’s official benchmark for XRP pricing. Such indices serve as unified reference points, enabling consistent observation of data sourced from multiple trading platforms when pricing institutional products.
The exchange has also introduced XRP futures contracts settled in rubles. These instruments allow qualified investors and institutions to gain exposure to XRP prices within Russia’s regulated financial system, removing the need for foreign exchanges.
Viktor Zhidkov, head of the Moscow Exchange, previously indicated that as few as three to five leading cryptocurrencies may be listed on Russian exchanges over time, although final decisions rest with the Central Bank.
Draft law defines market participants
The draft legislation not only establishes rules for digital currency trading but also defines eligible market participants. The framework encompasses exchanges, brokers, asset management companies, custodians, and companies offering exchange services, such as currency bureaus. For now, access to assets like XRP, Solana, and Cardano is restricted to professional and qualified investors.
Both qualified and non-qualified investors will be required to pass a knowledge assessment before being able to purchase digital assets. This measure aims to create uniform standards for market entry and to enhance investor protection.
Deputy Finance Minister Ivan Chebeskov supports broader access for stablecoins issued in so-called “friendly countries.” He cited examples of ruble-pegged tokens developed outside Russia, including initiatives in Kyrgyzstan. According to the Central Bank, at least one Russian firm has already issued a token specifically for use in international settlements. Officials may reconsider expanding the list of approved assets after monitoring progress in these projects.
