Russia Approves Cryptocurrency Trading Bill; Bitcoin, Ethereum, and Solana to Be Permitted for Trading

According to Cryptopolitan on March 23, the Russian government has approved a cryptocurrency trading regulation bill that will allow domestic crypto exchanges to list qualified digital assets for trading, while the central bank will have the authority to establish an admission list of cryptocurrencies permitted for circulation.

Under the bill, cryptocurrencies approved for trading must meet the following criteria: average market capitalization exceeding 5 trillion rubles (approximately $60 billion) over the past two years, average daily trading volume of at least 1 trillion rubles (approximately $12 billion), and a trading history of at least five years. Currently, mainstream cryptocurrencies such as Bitcoin, Ethereum, and Solana meet these standards.

The bill authorizes financial regulators to blacklist certain cryptocurrencies, particularly privacy-focused ones. Once blacklisted, trading of these assets will be prohibited, and companies and individuals are forbidden from holding them.

The bill also designates cryptocurrencies and stablecoins as "monetary assets," expanding investment access while allowing ordinary Russian citizens to participate in investments, with annual investment limits capped at $4,000.

Russia also plans to leverage existing financial infrastructure, including banks, brokers, and traditional securities exchanges, to handle these crypto transactions.

Regarding regulatory enforcement, the bill establishes clear penalty mechanisms for violations. Exchanges that violate the regulations will face fines of up to 1 million rubles (approximately $12,000).

Additionally, for illegal mining activities, fines can reach 2.5 million rubles (approximately $30,000), while large-scale illegal mining could result in imprisonment of up to five years.

Currently, the bill has successfully received approval from the government's legislative activities committee. According to the schedule, the bill is expected to be passed by parliament before July 1.

Furthermore, as early as 2024, Russia had already legalized mining, making it the country's first regulated crypto business, laying the foundation for subsequent regulatory development in the crypto sector.

If this bill is successfully implemented, it will undoubtedly further expand Russia's regulatory framework in the crypto sector and promote the healthy development of the crypto industry on a regulated path.

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