Russia to Let Retail Investors Trade Crypto with 300,000 RUB Annual Cap, Privacy Coins Banned
Russia has finalized a draft bill to expand retail access to selected cryptocurrencies while keeping strict controls. The proposal — confirmed by State Duma Financial Market Committee chair Anatoly Aksakov — would allow non-qualified (retail) investors to buy approved crypto subject to an annual purchase cap of 300,000 rubles (~$3,800) and mandatory knowledge/risk-awareness testing. Professional market participants (banks, brokers, qualified investors) would face no investment limits. Privacy-focused coins such as Monero and Zcash would remain banned for legal markets. Crypto would be classified as investment assets; payments for goods and services in crypto would remain prohibited. Domestic crypto transactions must go through licensed Russian intermediaries, and use of foreign platforms would trigger strict reporting and tax disclosure requirements. The bill aims to formalize Russia’s informal crypto market, improve tax collection, curb scams through exchange regulation, and balance innovation with financial stability and sanctions-related risks. For traders: expect increased regulated retail participation within capped limits, continued exclusion of privacy coins from legal venues, and stronger compliance and reporting that may shift trading volume toward licensed domestic platforms.
Neutral
The bill creates regulated retail demand by allowing non‑qualified investors limited access, which could modestly increase on‑shore trading volumes for approved coins. However, the strict annual cap (300,000 RUB), mandatory testing, ban on privacy coins, prohibition of crypto payments, and heavy compliance/reporting reduce speculative hot money and limit large inflows. Professional participants remain unrestricted, so institutional liquidity may persist, but much trading could shift to licensed domestic venues rather than drive major price rallies. In the short term, approved tokens may see modest buying pressure as retail access opens; privacy coins may suffer from reduced legal demand. In the long term, clearer regulation and stronger on‑shore infrastructure could support market stability and higher legitimate trading volumes, but the caps and compliance burdens will likely keep extreme volatility and large bullish surges in check.