The Bank of Russia has proposed admitting Bitcoin, Ether and Tether's USDT to trading on regulated exchanges, following a law President Vladimir Putin signed last week. Non-qualified investors would face an annual purchase cap, while qualified investors would not. The central bank is taking public comments on the plan until Aug. 24.
The Bank of Russia has compiled a list of crypto assets that could be admitted to public trading on exchanges under new rules approved last week, and the list currently includes Bitcoin, Ether and Tether's USDT. The regulator said Tuesday that the three assets meet criteria covering market capitalization, average daily trading volume and at least five years of price history on overseas markets.
This proposal follows a law that Putin signed on Aug. 4, giving the Bank of Russia authority to decide which digital currencies can be admitted to organized trading and to set the related rules. Under the plan, cryptocurrency purchases are capped for non-qualified investors but not for qualified ones.
Non-qualified investors could buy up to 300,000 rubles ($3,650) worth of crypto assets per year through each intermediary, including a broker, crypto exchange service or asset manager. Qualified investors, however, would face no purchase limits for crypto assets traded on exchanges or over-the-counter markets.
Every investor must pass a test and review the risks of investing in crypto assets before making a transaction, the Bank of Russia said. The central bank added that the limits are designed to protect non-qualified investors from sharp and unpredictable fluctuations in crypto prices, and it is accepting comments on the proposal until Aug. 24.
Source: Bank of Russia
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