Russia’s Central Bank Approves Bitcoin, Ethereum Trading For Retail Investors
Highlights
- Russia's Central Bank has approved for retail investors to trade Bitcoin, Ethereum, and USDT on exchanges.
- This approval will take effect from November 17.
- This follows an earlier approval of the country's crypto market structure legislation.
Russia’s Central Bank has cleared the way for retail investors to trade crypto assets such as Bitcoin and Ethereum on exchanges. This follows the earlier passage of the country’s market structure legislation, which paved the way for crypto activity.
Russia Central Bank Clears Path For Bitcoin, Ethereum Trading
In a release, the country’s central bank announced that retail investors will be able to trade Bitcoin, Ethereum, and USDT on exchanges starting on November 17. “From then on, exchanges will be authorized to admit these assets to public trading,” the release read.
Russia’s central bank also noted that retail investors can buy these crypto assets through intermediaries such as brokers, managers, or crypto exchanges. The purchase limit per intermediary will be 300,000 rubles annually, which is equivalent to around $3,700. Institutional investors, however, will have no limits and can also trade through the top crypto exchanges.
It is worth noting that this comes just months after Russia passed its crypto legislation, providing regulatory clarity for the crypto industry in the country. In addition to crypto transactions, the legislation addresses issues such as crypto tax, mining, issuance, and ownership.
Meanwhile, regarding how it selected these crypto assets for trading, the central bank noted that they are the most liquid. “The selection process took into account market capitalization, average daily trading volume, and pricing history on international exchanges, which must be at least five years long,” the bank said.
It added that this approach aims to reduce the risks for retail investors when trading crypto assets. All this comes as crypto legislation stalls in the U.S., with the CLARITY Act yet to become law. The market structure legislation now faces more uncertainty, with Democrats, who have largely opposed it, taking control of Congress following the midterm elections. Polymarket data shows only a 3% chance the CLARITY Act will become law this year.
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