Russia's central bank has proposed a list of cryptocurrencies, including Bitcoin, Ether, and Tether's USDT, for trading on regulated exchanges. This follows a new law granting the central bank authority to set rules for digital asset trading.
Russia's move to regulate and potentially enable exchange trading of major cryptocurrencies signals a significant step towards integrating digital assets into its financial system, while also aiming to protect retail investors from market volatility.
Russia's central bank has put forth a proposal to allow Bitcoin, Ether, and Tether's stablecoin USDT to be traded on regulated exchanges. This initiative follows a new law, signed by President Vladimir Putin on August 4, which grants the Bank of Russia the authority to determine which digital currencies are eligible for organized trading and to establish the associated rules.
The proposed list of assets, including BTC, ETH, and USDT, was compiled based on criteria such as market capitalization, average daily trading volume, and a minimum of five years of price history on international markets. The new regulations will impose purchase limits on non-qualified investors, restricting them to a maximum of 300,000 Russian rubles (approximately $3,650) per year through each intermediary. Qualified investors, however, will not face any purchase limits for cryptocurrencies traded on exchanges or over-the-counter markets.
Before any transactions can occur, all investors, regardless of their qualification status, will be required to pass a test and acknowledge the risks associated with investing in crypto assets. The central bank stated that these restrictions are intended to safeguard non-qualified investors from the volatile price swings characteristic of cryptocurrencies. The Bank of Russia is currently accepting public comments on the proposal until August 24.