Russia Approves Bitcoin, Ether, USDT for Domestic Exchange Trading
(MENAFN) Russia's central bank has authorized Bitcoin, Ether and Tether's USDT for public trading on domestic exchanges under a new regulatory framework scheduled to take effect on Nov. 17.
The directive, published Friday, introduces a list of digital assets eligible for public trading and establishes annual purchase restrictions for investors who do not hold qualified status.
Under the new rules, non-qualified investors will be permitted to purchase cryptocurrencies worth up to 300,000 rubles ($3,660) annually through each broker.
The approved list includes Bitcoin and Ether, the native cryptocurrency of the Ethereum network. Tether's USDT is also included separately under the classification of foreign digital instruments.
In an earlier explanation of the regulatory framework, the Bank of Russia said access for non-qualified investors would be restricted to highly liquid cryptocurrencies to reduce their exposure to sudden and unpredictable market fluctuations.
The selection process takes into account several factors, including market capitalization, average daily trading volumes and a minimum five-year price history on international trading platforms.
Meanwhile, investors with qualified status will be allowed to purchase cryptocurrencies available on exchanges and over-the-counter markets without restrictions on transaction amounts, according to the central bank.
Regardless of their investor classification, all participants will be required to complete testing and familiarize themselves with the risks associated with cryptocurrency investments before carrying out transactions.
The directive, published Friday, introduces a list of digital assets eligible for public trading and establishes annual purchase restrictions for investors who do not hold qualified status.
Under the new rules, non-qualified investors will be permitted to purchase cryptocurrencies worth up to 300,000 rubles ($3,660) annually through each broker.
The approved list includes Bitcoin and Ether, the native cryptocurrency of the Ethereum network. Tether's USDT is also included separately under the classification of foreign digital instruments.
In an earlier explanation of the regulatory framework, the Bank of Russia said access for non-qualified investors would be restricted to highly liquid cryptocurrencies to reduce their exposure to sudden and unpredictable market fluctuations.
The selection process takes into account several factors, including market capitalization, average daily trading volumes and a minimum five-year price history on international trading platforms.
Meanwhile, investors with qualified status will be allowed to purchase cryptocurrencies available on exchanges and over-the-counter markets without restrictions on transaction amounts, according to the central bank.
Regardless of their investor classification, all participants will be required to complete testing and familiarize themselves with the risks associated with cryptocurrency investments before carrying out transactions.
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