Russia Explores Regulating Bitcoin, Ethereum, and USDT Trading

Russia’s central bank has drawn up a proposed list of cryptocurrencies that could become eligible for public trading on regulated exchanges under rules approved last week. The Bank of Russia said on Tuesday that Bitcoin, Ether and Tether’s USDT are among the assets that currently meet its proposed requirements. The criteria include factors such as market capitalization, average daily trading volume and at least five years of price history on international markets.

The proposal follows legislation signed by President Vladimir Putin on Aug. 4 that gives the Bank of Russia authority to determine which digital currencies can be admitted to organized trading and establish the rules governing their availability.

Bitcoin, Ether and USDT meet proposed criteria

Under the new framework, non-qualified investors would be allowed to purchase up to 300,000 Russian rubles, approximately $3,650, in cryptocurrency per year through each intermediary. Eligible intermediaries could include brokers, crypto exchange services and asset managers.

Qualified investors would not face the same purchase limits and could trade approved crypto assets through both regulated exchanges and over-the-counter markets. “Before making transactions, all investors, regardless of their status, will have to pass a test and familiarize themselves with the risks of investing in crypto assets,” the Bank of Russia said.

Russia introduces investor protection measures

The central bank said the restrictions for non-qualified investors are intended to limit their exposure to the sharp and unpredictable price movements commonly associated with cryptocurrencies. Requiring investors to complete a knowledge test and review the risks before trading forms part of the regulator’s broader approach to introducing crypto access while maintaining investor safeguards.

Bank of Russia seeks feedback on crypto rules

The proposed framework represents another step toward bringing cryptocurrency trading into Russia’s regulated financial system following the passage of the country’s new digital asset legislation. The Bank of Russia is currently seeking public feedback on the proposal, with comments being accepted until Aug. 24.

Sources:

https://cointelegraph.com/news/bank-of-russia-trading-bitcoin-ether-tether-usdt

https://www.cbr.ru/press/event/?id=32754