Russia Sets Stage for Cryptocurrency Regulation with 300,000 Ruble Cap

Russia is taking steps to regulate its cryptocurrency market with a new draft directive. The Bank of Russia has published a list of approved cryptocurrencies that retail investors can buy, capping purchases at 300,000 rubles per year.

The draft directive names Bitcoin, Ethereum, and Tether's USDT as the only cryptocurrencies that meet the Bank of Russia's liquidity and track-record thresholds. These assets must have two years of qualifying market cap and trading volume data, plus five years of price history on a licensed foreign exchange.

Retail investors will also need to pass a risk test before their first trade, regardless of the amount. The draft directive is open for public comment until August 24, after which it will be finalized and take effect in approximately two weeks.