Russia's central bank has proposed its first framework letting ordinary investors trade crypto on public markets, approving only Bitcoin, Ethereum and Tether's USDT for exchange trading. XRP did not make the list, and every buyer faces a 300,000-ruble annual cap and a mandatory risk test.
The Bank of Russia published a draft directive on Aug. 11 that would let non-qualified investors buy crypto through brokers, exchanges or managers. Only three tokens made the cut for public exchange trading: Bitcoin, Ethereum and Tether's USDT. XRP did not.
Retail buyers get a capped door
Non-qualified investors will be able to acquire crypto up to 300,000 rubles a year through each intermediary, the central bank said. The central bank explained its reasoning in a separate notice: "We're setting a limit on the purchase of cryptocurrencies for non-qualified investors". Qualified investors face no such cap and can trade every cryptocurrency listed on the exchange and over-the-counter markets without restriction. Every investor, regardless of status, must pass a risk test first.
Only three coins clear the liquidity bar
The short list ties to a law signed this month, under which a coin's market cap, average daily trading volume and at least five years of pricing history on foreign platforms decide if it qualifies. XRP, created by Ripple's founders in 2012, was left off despite seemingly meeting those criteria. A since-settled SEC lawsuit against Ripple has caused the token to be delisted and then relisted on several exchanges, which could be a factor.
A window before the rules take effect
The Bank of Russia is accepting comments on the draft until Aug. 24, and the directive takes effect 10 days after its official publication, signed by Governor Elvira Nabiullina. The proposal follows the bank's earlier steps to open crypto to wealthy investors, and arrives as Tether has frozen millions in USDT tied to sanctioned Russian exchanges.
Source: Decrypt
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