Russia proposes exchange trading of Bitcoin, Ether and Tether’s USDT

Russia's central bank has suggested permitting Bitcoin, Ethereum, and Tether's USDT stablecoin to be traded on regulated exchanges. This proposal follows a law signed by President Vladimir Putin on August 4, which grants the Bank of Russia the authority to decide which digital currencies can be traded and set the rules for such exchanges.

The Bank of Russia has drafted a list of eligible cryptocurrencies, including Bitcoin, Ether, and USDT, based on criteria such as market capitalization, daily trading volume, and a minimum five-year price history in global markets. Under the proposed regulations, non-qualified investors would be limited to purchasing up to 300,000 Russian rubles ($3,650) worth of cryptocurrency annually through intermediaries like brokers, crypto exchange services, or asset managers.

Qualified investors, however, would not face any purchase restrictions when trading crypto assets on exchanges or in over-the-counter markets. The Bank of Russia emphasized that all investors, regardless of status, must complete a test and understand the risks associated with investing in crypto assets before making transactions.

The central bank is currently seeking public comments on the proposal until August 24. Additionally, Russia has recently taken measures to crackdown on nine crypto exchanges operating in Moscow City.