- Russia’s upcoming legislation will restrict cryptocurrency users to BTC, ETH, and USDT.
- The new law is set to become functional by July 1, 2026, following parliamentary adoption.
- Regulators will add more ruble-based stablecoins to the approved list in the future.
The Russian government has made known its intention to limit the cryptocurrencies available to its citizens to Bitcoin (BTC), Ethereum (ETH), and Tether (USDT). Russia’s Central Bank Deputy Governor, Vladimir Chistyukhin, confirmed this while speaking on RBC radio.
Russia’s New Crypto Rule is Almost in Place
According to Chistyukhin, the financial authority does not plan to expand its list of approved cryptos or increase the applicable investment limits, as is contained in the upcoming law “On Digital Currency and Digital Rights.”
Notably, the legislation, which passed its first parliamentary hurdle last April, will be adopted and become functional by July 1, 2026. The three cryptos included in the upcoming law represent the most liquid digital assets.
During the radio interview, Chistyukhin acknowledged the Central Bank of Russia’s plan to add more coins to the list of approved cryptos ahead of the bill’s second reading. However, he noted that the bank will not expand the list before the initial period when the law enters into force.
Related : Russian Deputy Finance Minister Reports 10M Crypto Wallets Opened Abroad
Russia Maintains a Strict Crypto Position
Meanwhile, Chistyukhin stressed the Bank of Russia’s position on cryptocurrency, noting that the regulator continues to consider digital assets volatile instruments that carry various risks, including the risk of funds being blocked.
In the meantime, Russia’s draft crypto law outlines strict criteria that cryptocurrencies must meet before being admitted into the regulated Russian market for non-qualified investors. The conditions outlined therein include a market cap exceeding 5 trillion rubles on average over the past two years, an average trading volume of 1 trillion rubles during the same period, and a trading history of at least five years.
The stated conditions will likely limit the approved cryptocurrencies to an exclusive list comprising leading cryptocurrencies, such as Bitcoin, Ethereum, Solana, BNB, and TRON. Chistyukhin further noted that future expansion of the list of cryptos will cover primarily domestic non-dollar stablecoins to avoid discrimination against foreign counterparts.
The A7A5 Stablecoin
He remarked that only one company has issued a token for international settlements and is using it, noting that the regulator’s plan will make sense only if more such firms emerge. Although he did not name the stablecoin, A7A5, a ruble-pegged stablecoin created by Russian payments platform A7, has become the largest non-dollar stablecoin over the past year.
CertiK reported that A7A5 has accounted for over $110 billion in transactions since launching early last year. Russia recognized the cryptocurrency as a financial asset and used it to bypass restrictions imposed over the war in Ukraine.
Related : British Teenager Wears Russian Sanctions as a Badge of Honor
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