Russia Adds Bitcoin, Ethereum, and Tether to Official List
Russia's central bank on Monday published a list of cryptocurrencies approved for public trading on domestic exchanges, setting an annual limit of 300,000 rubles for retail investors.
Russia's central bank on Monday published a list of cryptocurrencies approved for public trading on domestic exchanges, setting an annual limit of 300,000 rubles for retail investors.
Russia's central bank on Monday included Bitcoin, Ethereum, and Tether (USDT) in the register of cryptocurrencies approved for public trading on Russian exchanges, the regulator announced on its Telegram channel. This move followed the State Duma's adoption of a law in July legalizing cryptocurrency circulation in the country.
The selection of cryptocurrencies was not arbitrary. According to the Bank of Russia's statement, market capitalization, average daily trading volume, and price history on foreign markets were taken into account. A key condition was that the price formation history for each asset spans at least five years.
"Under the law, the selection of cryptocurrencies takes into account their market capitalization, average daily trading volume, and price history on foreign markets, which must span at least five years for each asset. Based on these criteria, the list of cryptocurrencies available for public trading on exchanges includes Bitcoin, Ethereum, and Tether (USDT)," the Central Bank of Russia said in its statement.
Although trading has been legalized, it will not be equally accessible to everyone. The regulator has introduced an annual limit for retail, or non-qualified, investors. They will be able to purchase cryptocurrencies worth up to 300,000 rubles (about $3,632) per year through any intermediary, whether a broker, crypto exchange, or manager.
On the other hand, qualified investors will face no restrictions. "Qualified investors will be able to buy all cryptocurrencies traded on the exchange and over-the-counter markets without restrictions," the Central Bank of Russia said. Protecting less experienced investors from sudden and unpredictable price volatility remains a priority, so only the most liquid digital assets will be available to them.
Before making their first transaction, all investors, regardless of their status, will have to undergo mandatory testing. The goal is to familiarize them with the risks of investing in crypto assets. "Before conducting transactions, all investors, regardless of their status, will have to undergo testing and familiarize themselves with the risks of investing in crypto assets," the regulator stated.
The law adopted in July defines that for most Russians, cryptocurrency will be available exclusively as an investment instrument. Payments in cryptocurrency within Russia will remain prohibited, with exceptions for participants in foreign economic activity and crypto exchanges. Citizens will be able to buy cryptocurrencies on exchanges through brokers and managers.
