Russia’s Central Bank on Tuesday proposed allowing investors to trade Bitcoin, Ether, and Tether on official Russian exchanges, establishing a regulated infrastructure for cryptocurrency trading set to take effect next month.
The rules expand on a law President Vladimir Putin signed this month, which formally legalizes cryptocurrency trading in Russia.
Testing and investor limits
Starting Sept. 1, both retail and professional investors will be required to pass a test before trading the three major cryptocurrencies.
The Central Bank says retail investors currently account for about 98% of market participants.
Retail investors will be limited to purchases of 300,000 rubles ($3,690) a year through each intermediary.
These intermediaries, which will be tightly regulated by the Central Bank, include exchanges, brokers, asset managers, and digital depositories.
