The Central Bank authorized retail trading of Bitcoin, Ethereum, and Tether on domestic exchanges, capping non-qualified investors at 300,000 rubles per year across all intermediaries. XRP was excluded from the approved list despite its market size, with eligibility requiring high liquidity, substantial market cap, and a five-year foreign pricing history. Analysts read the move as an effort to crowdsource domestic liquidity into a parallel reserve for cross-border trade outside Western sanctions.