The Bank of Russia has proposed allowing Bitcoin, Ether and Tether’s USDT to be traded on regulated exchanges, setting out an initial list of digital assets that could be admitted to organized trading under a new legal framework.
The draft follows a law signed by President Vladimir Putin on Aug. 4 that authorizes the central bank to decide which cryptocurrencies may be listed for public trading and to establish the rules governing that market.
Initial list under new law
In its proposal published Tuesday, the central bank said Bitcoin, Ether and USDT meet the standards it is using for admission. According to the regulator, those criteria include market capitalization, average daily trading volume and a price history of at least five years on foreign markets.
The proposal is one of the first concrete steps after last week’s legislation expanded the Bank of Russia’s role in shaping the country’s rules for organized crypto trading. Rather than opening the market to all digital assets, the draft starts with a limited group that the regulator says satisfies measurable thresholds.
Limits for retail participants
The draft rules would place annual purchase caps on non-qualified investors. Under the proposal, they could buy up to 300,000 Russian rubles, or about $3,650, in cryptocurrency per year through each intermediary they use, including brokers, crypto exchange services and asset managers.
Qualified investors would not face purchase limits for crypto assets traded on exchanges or in over-the-counter markets. The distinction reflects the central bank’s broader approach of giving more latitude to investors deemed able to bear higher risk while constraining access for the wider public.
Testing and risk disclosure for all investors
The Bank of Russia said every investor would have to complete a test before making transactions, regardless of whether they are classified as qualified or non-qualified. Investors would also be required to familiarize themselves with the risks tied to crypto assets.
The regulator said the proposed restrictions are intended to protect non-qualified investors from sharp and unpredictable price swings in the crypto market. That framing keeps the focus on investor protection even as the bank outlines a path for regulated exchange trading in a small number of well-known tokens.
Consultation period now open
The proposal is not yet final. The Bank of Russia said it will accept comments on the draft until Aug. 24, leaving room for feedback before any rules are adopted.
The next confirmed step is the public consultation process. Until that closes and the regulator decides whether to amend or approve the framework, the proposed trading access for Bitcoin, Ether and USDT remains at the draft stage.
Source: cointelegraph.com