Highlights
- Russian exchanges may offer spot crypto trading from November 22, but must first secure central bank approval.
- Retail investors can trade BTC, ETH and USDT, with purchases capped at 300,000 rubles per intermediary yearly.
- Qualified investors face no annual crypto purchase cap, while domestic crypto payments remain prohibited in Russia.
Russia will allow regulated exchanges to offer cryptocurrency trading from November 22, provided their trading rules receive central bank approval. The decision follows new regulations allowing Bitcoin, Ethereum, and Tether trading for retail investors under specified limits.
Bank of Russia Sets November 22 Date for Crypto Trading
According to Interfax, the Central Bank of Russia has set new rules for organized trading in cryptocurrencies, released on November 11. The order, issued by the Ministry of Justice of the Russian Federation, lays down requirements for the exchanges to fulfill before providing digital asset transactions.
As per the framework, the exchanges are expected to register brokers, trustees, and central counterparties that deal in cryptocurrency trading. They also need to keep records of completed transactions and orders and monitor trading activity.
Furthermore, trading platforms should be able to determine the current prices, weighted average prices, market prices, and closing prices of supported cryptocurrencies. In accordance with the existing financial market reporting requirements, exchanges are required to report transactions and trading results to the central bank.
The requirements apply to Russia’s approval of cryptocurrency trading for retail investors, effective November 17. However, exchanges cannot begin operations without agreeing on their trading rules with the regulator.
Russia allows Bitcoin, Ethereum, and USDT trading for retail investors
The central bank, in its official announcement on Nov. 6, authorized Bitcoin, Ethereum, and USDT from Tether for non-qualified investors. The regulation allows public trading of these assets starting on November 17, prior to the operational framework on November 22.
Under each intermediary, non-qualified investors can buy up to 300,000 rubles ($3,700) in cryptocurrencies per year. The list of intermediaries includes brokers, trustees, and cryptocurrency exchange providers under Russian law.
At the same time, investors with qualifications can invest in a wider variety of cryptocurrencies without any restrictions on the annual floor value. Before making transactions, however, both types of investors are required to pass an investment knowledge test, and they are to be aware of cryptocurrency risks.
The central bank selected the approved cryptocurrencies based on liquidity, market capitalization, trading volumes, and historical pricing data. The assets are required to have five years of pricing on foreign exchanges.
Moscow Exchange Plans December Crypto Trading Launch
Russia’s largest securities exchange, Moscow Exchange, plans to introduce cryptocurrency trading on December 1. The exchange previously announced its December launch plans and began testing transactions with professional market participants.
The platform intends to use a partner digital depository for settlement and custody arrangements. Brokers will provide customer access, while the exchange expects to operate under its existing regulatory permissions.
Russia’s broader cryptocurrency legislation took effect on September 1, establishing rules for exchanges, intermediaries, and digital depositories. However, the Bank of Russia maintains its prohibition on cryptocurrency payments within Russia, while permitting approved cross-border settlements.
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