Russia limits retail buyers to Bitcoin, Ether and USDT
Russia's central bank wants to limit retail investors to three coins and 300,000 roubles a year per intermediary. Europe has no such list of permitted coins.
Russia's central bank wants to allow retail investors to buy only Bitcoin, Ether and USDT, with a ceiling of 300,000 roubles a year per intermediary — around 3,600 dollars. That is set out in a draft directive published on 11 August 2026.
What it actually says
No ceiling applies to qualified investors; they may trade all permitted coins. The ceiling applies per intermediary and not across all purchases together, so anyone holding an account with several parties can in practice use it more than once.
"Through each intermediary — a broker, crypto exchanger or asset manager — they can acquire such assets for 300 thousand roubles a year," the central bank said.
Paying with crypto inside Russia remains prohibited. The consultation runs until 24 August; the directive takes effect ten days after official publication.
How a coin gets on the list
Three requirements, all three quantitative:
- sufficient market capitalisation
- a substantial average daily volume
- at least five years of price history on foreign platforms
XRP is not on the list. The central bank gives no reason for this; what we can establish is that the three criteria are in the directive and that the explanatory note rejects no coin by name. Readings of the background come from commentators, not from the supervisor.
Why this matters to a European reader
Europe does this fundamentally differently, and the contrast makes clear what MiCA does and does not regulate.
Under MiCA a service provider receives an authorisation, not a coin. There is therefore no European list of permitted crypto-assets, and there is no annual maximum on what a retail investor may buy. What MiCA does regulate are the requirements on the provider: capital, safekeeping of client funds, complaints procedure and duty to inform.
That difference cuts both ways and it is fairer to name both sides. A positive list protects against coins that are worthless tomorrow, but it also freezes the market at the moment the list was drawn up. The European model leaves the choice with the investor and puts the burden on the provider — with the flip side that an authorisation says nothing about the price risk of what you buy.
Which providers in Europe hold an authorisation is recorded in the public register; we keep an overview on the MiCA page and the authorisations themselves at /mica/vergunningen. You can put platforms side by side in the comparison tool.
Frequently asked questions
Does this affect me as a European investor?
No. The directive applies to investors in Russia and to intermediaries active there.
Is there a European list of permitted coins?
No. MiCA authorises the service provider, not the coin. Separate rules do apply to stablecoins pegged to a currency.
Is an authorisation a guarantee?
No. An authorisation means supervision, capital requirements and safekeeping rules. It says nothing about the price and compensates no losses.
Checked on 14 August 2026. Sources: draft directive of the Russian central bank of 11 August 2026, as reported by CoinDesk (12 August) and Decrypt (11 August).