Russia's central bank has taken a significant step toward formalising its cryptocurrency market, publishing a draft directive on August 11 that names $BTC, $ETH and Tether's $USDT as the firs
Russia's central bank has taken a significant step toward formalising its cryptocurrency market, publishing a draft directive on August 11 that names $BTC, $ETH and Tether's $USDT as the first digital assets eligible for trading on regulated Russian exchanges.
The assets meet criteria including market capitalization, average daily trading volume and at least five years of price history on overseas markets.The proposal follows a new law, signed by President Vladimir Putin on August 4, that gives the Bank of Russia authority to determine which digital currencies can be admitted to organised trading and set related rules. The central bank has indicated it does not plan to expand the initial list beyond these three assets once the framework launches.
Under the draft rules, non-qualified investors could buy up to 300,000 rubles worth of eligible crypto each year through each intermediary, which could include brokers, crypto exchanges and asset managers. That cap equates to roughly $3,650 at current exchange rates. The restrictions are aimed at protecting retail investors from the sharp price fluctuations associated with crypto assets.
Under the proposal, qualified investors would be exempt from the purchase limit and could trade all cryptocurrencies available on exchange and over-the-counter markets.Starting September 1, both retail and professional investors will be required to pass a test before trading the three major cryptocurrencies.Retail investors make up around 98% of Russia's crypto market participants, according to the central bank.
The law legalises the trading of crypto assets through regulated exchanges, brokers and crypto exchanges, but maintains a ban on the use of cryptocurrencies as a means of payment within the country.A requirement for cryptocurrency transactions to use licensed subsidiaries will begin on July 1, 2027.
Several major Russian banks have already begun building infrastructure ahead of the launch. Alfa-Bank, Sberbank, T-Bank and VTB have investigated cryptocurrency offerings, with strategies encompassing digital wallets, custodial depositories, trading interfaces and crypto-to-ruble conversion systems.
The Bank of Russia is accepting comments and proposals on the draft rules until August 24, after which the regulator can determine the final requirements for crypto assets traded through regulated markets.
Sources:CoinTelegraph: Bank of Russia Proposes 3 Crypto Assets for Exchange TradingThe Moscow Times: Russia's Central Bank Proposes Framework for Publicly Trading Major CryptocurrenciesCrypto.news: Russia names Bitcoin, Ether and USDT for regulated crypto trading
