Russia’s New Crypto Rules: Bitcoin, Ethereum and USDT

Russia’s New Crypto Rules: Bitcoin, Ethereum and USDT

Russia’s central bank on Tuesday added Bitcoin, Ethereum and Tether’s USDT to a list of cryptocurrencies that may be publicly traded on Russian exchanges, as the country moves toward establishing a regulated market for digital currencies.

The Bank of Russia said in a statement that its selection was based on several factors, including market capitalization, average daily trading volumes and the history of price formation on foreign trading platforms, The Caspian Post reports, citing TASS.

The regulator said that all three cryptocurrencies met the relevant criteria.

“Qualified investors will be able to purchase all cryptocurrencies that will be traded on exchange and over-the-counter markets without restrictions,” it said.

However, the Bank of Russia has proposed an annual purchase limit of 300,000 rubles (approximately $3,800) through each intermediary for non-qualified investors. The intermediaries covered by the proposal include brokers, crypto exchange services and asset managers.

The restriction is set out in a draft regulation that has been made available for public discussion.

The regulator also said that all investors, regardless of their status, will be required to pass a test and familiarize themselves with the risks associated with cryptocurrency investments before carrying out transactions.