According to ChainCatcher, citing Cryptopolitan, Russian Deputy Finance Minister Ivan Chebeskov said USDC will be added to Russia’s approved list of cryptocurrencies for trading. The stablecoin is set to stand alongside USDT, Bitcoin and Ethereum within the group of crypto assets recognized for trading under the country’s planned regulatory framework.
USDC Listed Alongside USDT, Bitcoin and Ethereum
The statement follows an earlier position from the Bank of Russia, which had said that no additional tokens would be added for the time being. Chebeskov, however, said USDC would also receive approval. Based on the reported remarks, Russia’s approved crypto list will include USDT, Bitcoin, Ethereum and USDC. The input did not provide further details on the approval procedure or a specific implementation schedule.
The rules for non-professional investors are also defined by asset eligibility. Under the reported framework, non-professional investors may only invest in qualifying crypto assets. To qualify, a cryptocurrency must have had an average market capitalization of more than 5 trillion rubles over the past two years, equivalent to about $70 billion. This requirement limits retail access to larger crypto assets within the Russian regulatory structure.
Stablecoins From Friendly Jurisdictions and Annual Limits
Chebeskov also said that smaller fiat-backed stablecoins from friendly jurisdictions may be permitted, including ruble stablecoins and United Arab Emirates dirham stablecoins. The report places these assets within the same regulatory discussion as USDC and USDT, although the input did not identify issuers, circulation figures or detailed admission standards for those smaller stablecoins.
Russia’s cryptocurrency regulatory bill must be passed by July 1. Once the framework is adopted, non-professional investors will for the first time receive legal access to crypto assets. That access will come with an annual investment limit of 300,000 rubles, or about $4,000. The reported framework therefore combines an approved asset list, investor classification and a yearly investment cap for non-professional market participants.