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In Russian exchanges, cryptocurrencies with a market capitalization of at least 5 trillion rubles and a trading history of no less than five years will be allowed for trading, according to the draft law “On Digital Currency and Digital Rights.” This initiative has been approved by a government commission, as reported by RBC.
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The draft law outlines the requirements for “foreign digital currencies” that may be “included in the regulations of the Bank of Russia.” The document specifies three criteria:
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the average market capitalization of the cryptocurrency over the two calendar years prior to inclusion must exceed 5 trillion rubles;
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the average daily trading volume during the same period must be no less than 1 trillion rubles (the Central Bank will calculate capitalization and trading volume using its own methodologies, which have not yet been disclosed);
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data on the closing price of the cryptocurrency must be published by the trading organizer (for example, the exchange) on official resources for at least five years prior to its inclusion in the Central Bank’s list (only data from licensed platforms within its jurisdiction with an average trading volume of at least 100 billion rubles will be considered).
RBC claims that only Bitcoin, Ethereum, and Solana meet all these criteria.
Additionally, the draft law stipulates that Rosfinmonitoring, in coordination with the Central Bank of the Russian Federation, will be able to include cryptocurrencies in the list of assets prohibited for deposit accounts of individuals and legal entities that are not cryptocurrency exchanges.
Companies that store and account for digital assets, as well as brokers, will be required to comply with these restrictions. This specifically pertains to private currencies, “whose technological features are aimed at concealing transaction information.”
According to the document, trading cryptocurrencies on Russian exchanges through local brokers will be accessible to both qualified and non-qualified investors. However, prior to commencing operations, both types of investors must undergo special testing.
A limit on the transaction volume is set for non-qualified investors. The specific amount will be determined by a separate regulatory act from the Bank of Russia. The regulator proposed a limit of 300,000 rubles per year, although the Ministry of Finance indicated the possibility of revisiting this figure.
Previously, RBC reported that platforms registered in Russia are expected to be prohibited from conducting transactions with anonymous cryptocurrencies such as Monero and Zcash. Authorities plan to maintain a list of prohibited tokens and a blacklist of individuals to whom cryptocurrency transfers are banned.
