Russia Opens Regulated Crypto Trading for Bitcoin, Ether, and Tether

Russia is set to allow trading of Bitcoin, Ether, and Tether on regulated exchanges from September 1. This move marks a shift in Russia's approach to cryptocurrency regulation, which previously allowed ownership but left much of the trading market unregulated.

The Bank of Russia has proposed rules for organized cryptocurrency trading, including testing for investors and purchase limits. Retail investors will be capped at 300,000 rubles ($3,690) a year through each intermediary after completing a required test. Qualified investors will not face the same purchase limit and can trade cryptocurrencies without an amount cap.

The new framework is intended to establish a regulated infrastructure for cryptocurrency circulation rather than leaving activity in an unregulated market. Companies operating crypto platforms must register and obtain licenses, with digital depositories subject to capital requirements ranging from 50 million to 250 million rubles.