Russia Closes Crypto Market with $3,700 Investor Cap
Russia has ushered in its new crypto law, setting a cap of 300,000 rubles, or approximately $3,700, on retail investors' annual cryptocurrency purchases through licensed intermediaries.
The legislation, signed into law by President Vladimir Putin in early August, puts the Bank of Russia in charge of regulating the country's crypto market. Exchanges, brokers, and custodians must now register as licensed intermediaries and join a financial market self-regulatory organization to serve customers legally. The central bank also decides which digital assets those intermediaries can offer.
The $3,700 ceiling only applies to retail investors; qualified or professional investors face no such limit. A long-standing ban on using digital assets for in-country payments remains in place, but businesses involved in foreign economic activity are now allowed to accept cryptocurrency for goods and services starting September 1.