The Bank of Russia will begin limiting retail cryptocurrency trading on regulated exchanges starting Sept. 1, allowing access only to Bitcoin, Ether and USDT. Under the rules, non-qualified investors will face an annual purchase cap of 300,000 rubles, or about $3,600, through a single intermediary, while qualified investors will not be subject to a ceiling. The move clarifies legislation passed in July rather than introducing a separate framework. At the same time, the existing legal ban on using cryptocurrency for payments inside Russia remains in place. CoinDesk was cited as the source of the report.
The Bank of Russia will restrict retail cryptocurrency trading on regulated exchanges starting Sept. 1, with trading limited to Bitcoin, Ether and USDT.
Under the rules, non-qualified investors will be allowed to buy up to 300,000 rubles, or about $3,600, per year through a single intermediary. Qualified investors will not face a purchase cap.
The rules provide added clarity on legislation passed in July. The current ban on using cryptocurrency for payments inside Russia will remain in effect.
CoinDesk reported the development.
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