## Russia's Central Bank Opens Crypto Trading to Retail Investors

Russia's central bank has proposed its first framework for letting ordinary investors trade crypto on public markets. The Bank of Russia published a draft directive on Aug. 11 that would allow non-qualified investors to buy digital assets through brokers, crypto exchanges, or managers—within a strict annual ceiling.

"We're setting a limit on the purchase of cryptocurrencies for non-qualified investors," the central bank said in a separate notice. "Through each intermediary—a broker, crypto exchanger, or manager—they will be able to acquire such assets in the amount of 300 thousand rubles per year."

### Which Coins, and Why Only Three

The draft names exactly three tokens cleared for public exchange trading: **Bitcoin**, **Ethereum**, and **Tether's USDT**. The central bank tied the short list to a law signed this month. "The list of digital currencies that the trading organizer is entitled to admit for public circulation on organized trading platforms (hereinafter referred to as the 'List'): Bitcoin (Bitcoin), Ethereum (Ethereum), Tether USDT (Tether USDT)." the notice reads.

The filter is **liquidity and track record**. Under the new federal law on digital currencies, a coin's market cap, average daily volume, and at least five years of pricing history on foreign platforms decide if it qualifies. "To protect non-qualified investors from sharp and unpredictable fluctuations in cryptocurrency rates, only the most liquid of them will be available to them," the bank said.

The cap itself is written into the directive's operative text. "The maximum amount of the total value of digital currencies acquired through a broker during the calendar year amounts to 300 thousand rubles," Article 2 states.

**XRP**, the cryptocurrency created by the founders of payments company Ripple in 2012, has been left off the approved list for now. The token would seemingly qualify given the criteria, but XRP over the years has gone through regulatory troubles—stemming from a since-settled SEC lawsuit against Ripple—that caused the token to be delisted and then relisted on several exchanges, which could be playing a factor.

### Retail Gets a Door; Whales Get the Market

Qualified investors—Russia's wealthier, accredited class—face none of these walls. "Qualified investors will be able to acquire all cryptocurrencies that will be traded on the exchange and over-the-counter markets, without restrictions," the notice says. Before any trade, though, everyone takes a test. "All investors, regardless of their status, will need to pass testing and familiarize themselves with the risks of investing in cryptoassets."

The move follows the central bank's earlier steps to open crypto to wealthy investors, and lands as Tether's role draws scrutiny—the stablecoin issuer has frozen millions in USDT tied to sanctioned Russian exchanges.

The Bank of Russia accepts comments until Aug. 24, and the directive takes effect 10 days after its official publication, signed by Governor Elvira Nabiullina.

Bitcoin, Ethereum and Tether clear the central bank's liquidity bar—everything else, including XRP, stays off-limits for retail.

Russia Greenlights Bitcoin, Ethereum, and USDT for Retail Trading—But XRP Misses the Cut

Bitcoin slipped to near $64,000 on Tuesday, down over 1% on the day but still up marginally on the week, after a fourth failed attempt to hold above $65,000. It reached a 24-hour high just above $65,300 before sliding through the Asian afternoon.

Ether was the weakest major, down over 2% to $1,878, though it remains slightly higher over seven days. XRP fell almost 2% to $1.01 and is down almost 6% on the week, the worst of the group by some distance. Solana eased under 1% to $76 but leads the week at 3%. BNB slipped to $600 and holds a 2% weekly gain.

Three majors went the other way. Hyperliquid's HYPE rose almost 2% to $55, tron gained slightly to 33 cents and dogecoin was marginally higher at 7 cents.

Alex Kuptsikevich, chief market analyst at FxPro, said bitcoin has been testing $65,000 for four straight days without any surge in buying as it approaches the round number.

More telling is the absence of selling into it, which he read as "a build-up of short positions well above this level" rather than holders taking profit.

That makes $70,000 the next area to watch, another round number with the 200-day moving average sitting nearby. Clearing it would put bitcoin above the range where buyers and sellers fought through March and April, a move Kuptsikevich said would shift sentiment meaningfully.

Traders are not there yet. The crypto sentiment index sits at 30, in what is known as the fear zone, and has stayed there since mid-July with occasional dips toward extreme fear.

Bonds and oil set the tone in broader markets. U.S. 10-year Treasury yields rose six basis points on Monday to 4.71%, dragging Australian and New Zealand government bonds down with them, with no cash Treasury trading during Asian hours because of a public holiday in Japan.

Brent crude held at $87.73 a barrel after jumping 5% on Monday, when President Donald Trump made fresh demands on Iran and dimmed hopes of a deal to reopen the Strait of Hormuz. Gold rose for a third session above $4,400 an ounce.

Higher oil feeds into the inflation figures due Wednesday at 8:30 a.m. ET, which is why the rally is weighing on assets that do better when rate rises look less likely.

Fund flows had been running the other way until this week. U.S. spot bitcoin funds took in $865 million across five sessions through Aug. 7, before a provisional outflow of $91 million on Monday.

Bitcoin failed to hold $65,000 for a fourth day as an oil rally revived inflation worries before Wednesday's U.S. price data.

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