The Russian Central Bank is taking a cautious approach to the use and trading of cryptocurrencies among retail investors.
Under the proposed new regulations that are about to come into effect, ordinary investors will only be allowed to trade three major digital assets: Bitcoin (BTC), Ethereum (ETH) and Tether (USDT).
According to a report by Crypto Briefing, the central bank has rejected a proposal to allow immediate access to a variety of other cryptocurrencies.
Deputy Governor of the Russian Central Bank, Vladimir Chistyukhin, explained that in the initial stages of the implementation of the new law, only these three assets will be allowed for trading purposes.
He said the decision was made because the crypto market still has high risks.
Cryptocurrency prices often experience significant fluctuations in short periods of time, which can cause huge losses for investors.
In addition, stablecoins such as USDT are also not exempt from risks as they have the potential to be subject to restrictions or freezes by certain parties.
The regulations are part of Russia’s digital asset legal framework, which is expected to come into effect next month after receiving overwhelming support in its first reading in the Russian parliament (State Duma) in April.
In addition to limiting the choice of digital assets, the regulator also plans to maintain a maximum investment limit of 300,000 rubles for certain investors.
Before being allowed to buy any digital assets, all investors, whether qualified or not, will have to pass a special knowledge test to ensure they understand the risks and how the crypto market works.
Starting in 2027, crypto lending activities without official permission will be banned.
However, the bill still needs to pass a second and third reading in parliament, be approved by the Federation Council, and be signed by the Russian president before it can become official law.
