Russia Moves to Allow Bitcoin, Ether and USDT on Exchanges
The Central Bank of Russia proposed allowing the trading of Bitcoin, Ethereum and USDT by Tether on regulated exchanges in the country, in an initiative published recently.
The proposal responds to a law signed by President Vladimir Putin on August 4, which grants the Bank of Russia the authority to determine which digital assets may be admitted to organized trading and to establish the corresponding rules.
According to the regulator, the three assets were selected for meeting criteria of market capitalization, average daily trading volume and at least five years of price history on international markets. Under the new framework, non-qualified investors will be able to purchase up to 300,000 Russian rubles ($3,650) annually in cryptocurrencies through each authorized intermediary, whether a broker, an exchange or an asset manager.
Qualified investors will face no purchase limits. In addition, all investors, regardless of their category, will be required to pass a test and demonstrate knowledge of the risks before trading. The Bank of Russia will accept comments on the proposal until August 24.
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