Russia to Allow Bitcoin, Ether, Tether Trading on Official Exchanges

Russia's central bank has proposed allowing Bitcoin (CRYPTO: $BTC), Ethereum (CRYPTO: $ETH), and Tether (CRYPTO: $USDT) to be traded on official Russian exchanges.

The Bank of Russia published the draft rules on Tuesday. The move follows legislation signed by President Vladimir Putin that formally legalized cryptocurrency trading in the country.

Under the proposed framework, both retail and professional investors would have to pass a test before they can trade Bitcoin, Ether or Tether from September 1. Retail investors make up around 98% of Russia's crypto market participants, according to the central bank.

Retail investors would also face an annual purchase limit of 300,000 rubles ($3,690) through each regulated intermediary. The restrictions would apply to exchanges, brokers, asset managers, and digital depositories operating under the central bank's oversight.

Meanwhile, accredited investors would be able to buy any cryptocurrency available on both exchange and over-the-counter markets, with no purchase limits under the proposed rules.

The central bank said it chose Bitcoin, Ether and Tether because they have at least five years of price history on foreign trading platforms, high liquidity, and a large market capitalization.