Russia Lifts Ban, Central Bank Allows Bitcoin, Ethereum, and Tether

The Central Bank of the Russian Federation has presented a proposal for changes in the law that would allow trading of Bitcoin, Ethereum, and Tether on regulated exchanges. This initiative stems from a law signed on August 4, 2023, by President Vladimir Putin. The new rules require that cryptocurrencies have a high market capitalization, significant average daily trading volume, and at least a five-year listing history. The central bank has gained full authority over establishing trading rules and approving instruments. Licensed entities must meet capital criteria, and the licensing process will last until July 1, 2027. The proposed regulations introduce a division of investors into qualified and unqualified, with limits for the latter set at 300,000 rubles per year. All market participants will be required to pass a knowledge test before transactions. The proposal aims to create a controlled environment for digital assets in light of increasing international sanctions. Comments on the draft can be submitted until August 24, 2023.

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