As Russia continues its efforts to regulate Bitcoin (BTC) and cryptocurrencies, another move has been made.
Accordingly, the Central Bank of Russia has published a conceptual framework for regulating cryptocurrencies and submitted proposed legal amendments to the government.
In this proposal, the Central Bank of Russia updated regulations on digital assets, differentiating between qualified and individual investors. The new framework imposes restrictions on individual investors while granting qualified investors a wider scope for investment.
According to the proposed rules, both individual and qualified investors will be allowed to participate, with an annual upper limit of 300,000 rubles for individual investors, while there will be no limit for qualified investors (excluding privacy-focused cryptocurrencies).
As the cryptocurrency market in Russia is being reshaped, the country’s two largest exchanges, the Moscow Stock Exchange (MOEX) and the St. Petersburg Stock Exchange (SPB), have announced their support for the proposed regulation.
Exchanges have announced they are ready to begin trading cryptocurrencies once the relevant regulations come into effect next year.
MOEX stated, “The Moscow Stock Exchange is actively working on solutions to serve the cryptocurrency market and plans to launch their circulation as soon as the relevant regulations come into effect.”
SPB stated, “We are ready to start trading cryptocurrencies after the necessary changes are made within the relevant legal framework. The SPB exchange has the appropriate technological infrastructure for transactions and payments.”
*This is not investment advice.