Russia's central bank lists 3 cryptocurrencies as acceptable for regulated exchange trade

Russia's central bank on Tuesday included Bitcoin, Ethereum and Tether’s USDT on a list of cryptocurrencies that may be publicly traded on Russian exchanges, as the country moves to establish a regulated market for digital currencies.

The Bank of Russia said in a statement that the selection was based on factors including market capitalization, average daily trading volumes and the history of price formation on foreign trading platforms.

The regulator said the three cryptocurrencies met the relevant criteria.

“Qualified investors will be able to purchase all cryptocurrencies that will be traded on exchange and over-the-counter markets without restrictions,” it said.

For non-qualified investors, however, the Bank of Russia has proposed an annual purchase limit of 300,000 rubles (approximately $3,800) through each intermediary, including a broker, crypto exchange service or asset manager.

The restriction is outlined in a draft regulation made available for public discussion.

All investors, regardless of their status, will also have to pass a test and familiarize themselves with the risks associated with crypto investments before making transactions, the regulator said.

The public consultation on the draft regulation will run through Aug. 24.

The move follows legislation signed by President Vladimir Putin earlier this month that establishes a legal framework for digital currencies and digital rights. The new framework provides for the regulation of cryptocurrency circulation and recognizes digital currencies as property.

The central bank's decision marks a further step toward bringing cryptocurrency operations into Russia's regulated financial infrastructure.

Russians will be able to access crypto investments through domestic financial intermediaries, including brokers and other authorized market participants, under the new rules.