As Russia continues its efforts to regulate Bitcoin (BTC) and cryptocurrencies, another step has been taken.
As a result, the Central Bank of Russia published a conceptual framework for regulating cryptocurrencies and submitted proposals for legal changes to the government.
In this proposal, the Central Bank of Russia updated the regulations on digital assets, differentiating between qualified and individual investors. The new framework imposes restrictions on individual investors while granting qualified investors greater investment room.
Under the proposed rules, individual and qualified investors will be allowed to participate, with an annual cap of 300,000 rubles for individual investors, while there will be no limits for qualified investors (excluding privacy-focused cryptocurrencies).
As the cryptocurrency market is undergoing a transformation in Russia, the country’s two largest exchanges, the Moscow Stock Exchange (MOEX) and the Saint Petersburg Stock Exchange (SPB), have announced their support for the regulatory project.
Exchanges have announced that they are ready to start trading cryptocurrencies once the relevant regulations come into force next year.
MOEX said: “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 force. »
SPB said: “We are ready to start trading cryptocurrencies once the necessary changes are made in the relevant legal framework. The SPB exchange has the appropriate technological infrastructure for transactions and payments.”
*This does not constitute investment advice.