The Bank of Russia has finalized the first cryptocurrency list available to non-qualified investors under the country's new regulated-market framework, naming Bitcoin, Ether and Tether's USDT. The ordinance takes effect on November 17, when exchanges may admit the three assets to public trading. The decision converts an earlier proposal into an operative eligibility rule, but it does not give every investor immediate access on that date.

Retail access comes with testing and a purchase cap

Non-qualified investors will be able to buy the approved assets through brokers, trust managers or crypto exchange offices in exchange or over-the-counter markets. Purchases through any one intermediary may not exceed 300,000 rubles during a calendar year. The central bank also requires investors to pass an appropriate knowledge test and review crypto-investment risks before a transaction. That testing requirement applies regardless of whether the investor is classified as qualified or non-qualified.

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Why only three assets made the list

The regulator said it selected liquid assets using criteria written into law: market capitalization, average daily trading volume and at least five years of pricing history on foreign exchanges. Bitcoin and Ether satisfy the cryptoasset criteria, while USDT is treated within Russia's framework as an eligible foreign digital instrument. Qualified investors may access a broader range without the non-qualified investor list and purchase cap, although transactions still operate within the wider legal and intermediary rules.

Moscow Exchange targets a December pilot

Moscow Exchange separately plans to begin digital-currency transactions on December 1. Its initial instrument set is also Bitcoin, Ether and USDT, offered through address-based and non-address-based modes. The exchange says trades will use its existing securities-market technology and enter National Clearing Centre clearing. It plans same-day and next-day settlement codes, known as TOD and TOM, as well as swap transactions for liquidity management.

The launch will be phased

The exchange describes the first stage as pilot transactions, with participants connected gradually as their systems and operations become ready. Trading hours are scheduled to match the stock market, from 06:50 to 23:50 Moscow time. That wording matters: December 1 is the venue's planned starting point, not a promise that every broker, customer type or service route will be available at once. Investors will still depend on participating intermediaries, completed testing and operational readiness.

A regulated market changes the access route

The framework brings direct crypto transactions into exchange infrastructure and clearing arrangements rather than limiting regulated exposure to derivatives or products that track token prices. For brokers and exchanges, it creates a defined route for onboarding, order handling and settlement. For retail users, it introduces familiar financial-market controls but also annual limits and suitability checks that do not apply in the same way on offshore platforms.

What remains uncertain

The official notices do not identify which brokers will be ready for the first pilot, publish customer fees or guarantee liquidity for each instrument. They also do not say that USDT holders receive bank-deposit protection or that the central bank endorses the assets as investments. The next practical milestones are the ordinance's November 17 effective date, participant announcements and Moscow Exchange's planned December 1 pilot. Those steps will show how quickly legal permission becomes usable market access. The pilot may also expose where additional custody and settlement guidance is needed.

Sources

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