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Russia proposes regulated exchange trading for Bitcoin, Ether, and USDT

The Bank of Russia said non-qualified investors could buy up to 300,000 rubles, about $3,650, of crypto per year through intermediaries, and all investors must pass a risk test.

Reported · Written up by our desk · Regulation

Cointelegraph reports that Russia’s central bank has proposed rules that would allow Bitcoin, Ether, and Tether’s USDT to trade on regulated exchanges. The plan comes after President Vladimir Putin signed a law on Aug. 4 granting the Bank of Russia authority to set which digital currencies can enter organized trading and to establish related requirements.

The Bank of Russia said it has drawn up a list of crypto assets eligible for public trading under the new framework, citing criteria including market capitalization, average daily trading volume, and at least five years of price history on overseas markets. Under the proposal, non-qualified investors could purchase up to 300,000 Russian rubles, about $3,650, per year through each intermediary, including brokers, crypto exchange services, or asset managers.

Qualified investors, by contrast, would face no purchase limits for crypto assets traded on exchanges or over-the-counter markets. The regulator also said all investors would have to complete a test focused on understanding crypto investment risks.

The Bank of Russia is accepting public comments on the proposal through Aug. 24, according to Cointelegraph. The central bank said the restrictions are meant to protect non-qualified investors from sharp and unpredictable swings in crypto prices.

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