Russia Clears Bitcoin and Ethereum for Public Trading

The Bank of Russia has cleared Bitcoin, Ethereum, and USDT for public trading in Russia under the country's new digital assets law. The decision follows criteria set out in Federal Law No. 282-FZ, which requires eligible assets to have an average market capitalisation above $61 billion and average daily trading volumes above $12 billion over the previous two years.

Bitcoin, Ethereum, and USDT are currently the only assets meeting these requirements. The Bank of Russia retains authority to admit other assets later. Non-qualified investors, which includes most Russian retail buyers, will be limited to purchasing up to $3,690 worth of crypto per year through each intermediary after passing a risk knowledge test.

The news has had a muted response on the market, with prices for Bitcoin and Ethereum down by 1.6% and 2%, respectively, over the previous 24 hours. The drivers behind this movement were attributed to positioning ahead of Wednesday's July CPI print, rather than the regulatory approval.