The Russian central bank has just crossed a historic threshold in crypto regulation. Only three assets make the cut: Bitcoin, Ethereum, and Tether. Everything else — XRP included — remains off-limits for ordinary Russian retail investors.

This decision speaks volumes about the criteria Moscow has chosen to define what counts as an “acceptable” cryptocurrency — and it reshuffles the deck for exchanges operating in the country.

Here is what this regulation means in practice, and why the exclusion of XRP is anything but trivial.

Bitcoin, Ethereum, USDT: The Only Assets to Clear Russia’s Liquidity Threshold

The Central Bank of Russia has established a restricted list of cryptocurrencies approved for retail trading. The primary criterion: sufficient liquidity. Only Bitcoin (BTC), Ethereum (ETH), and the stablecoin Tether (USDT) meet this threshold, according to reporting by Decrypt.

This selection is far from arbitrary. Bitcoin alone accounts for more than 50% of the total crypto market capitalization. Ethereum hosts the vast majority of global DeFi activity and smart contract infrastructure. As for USDT, it is the most traded stablecoin in the world, with daily volumes that regularly surpass those of BTC across many exchanges. These three assets form the most robust liquidity foundation in the market — a point that is technically difficult to argue against.

For exchanges looking to operate legally in Russia, this list imposes a strict framework. Offering trading pairs on unlisted altcoins now exposes platforms to direct regulatory risk. The Russian market, estimated to have several million active users, is effectively funneled toward a dominant but narrow trio of assets.

XRP Excluded: A Snub That Raises Questions About the Real Criteria

The absence of XRP from the approved list is the strongest signal this decision sends. And yet, XRP consistently ranks among the top 5 to 10 cryptocurrencies by market capitalization, with daily liquidity running into the billions of dollars. On the basis of raw liquidity alone, its exclusion is surprising.

Several theories are circulating. The first points to the ambiguous legal status of XRP internationally — Ripple‘s token was at the center of a lengthy dispute with the US SEC, which may have fueled institutional wariness well beyond American borders. The second theory relates to the centralized structure of Ripple Labs, which controls a significant portion of the circulating supply — a profile that sits uncomfortably with the decentralization criteria regulators tend to favor.

Other major altcoins such as Solana, BNB, and Cardano are also absent from the list, suggesting that the filter applied goes well beyond simple liquidity and likely incorporates considerations around governance and systemic risk.

What This Regulation Reveals About Moscow’s Crypto Strategy

Russia is no newcomer to crypto in 2025. Since the international sanctions imposed following the war in Ukraine, Moscow has been actively exploring digital assets as a vehicle for circumventing financial restrictions. Bitcoin mining has been legal there since 2023, and discussions around using BTC in international trade settlements have been officially raised at government level.

This regulated approval of retail trading fits into a broader logic of gradual normalization: integrating cryptocurrencies into the Russian financial system while maintaining strict control over which assets are accessible. By limiting access to three ultra-liquid, globally recognized assets, Moscow reduces the risk of extreme volatility for retail investors while securing a foothold in the global crypto economy.

For Russian investors, the window remains narrow. But for Bitcoin and Ethereum, this official recognition by a G20 economy — even one under sanctions — represents an additional signal of legitimacy on the international stage.