Russia opens regulated crypto trading as new law takes effect

Russia’s first comprehensive legal framework for cryptocurrency trading, custody and cross-border settlements has taken effect on Sept. 1, opening regulated market access to retail and qualified investors under Bank of Russia supervision. Summary Russia’s crypto law took effect Sept. 1, bringing trading, custody and cross border settlements under a regulated framework. Non qualified investors can buy up to 300,000 rubles of eligible cryptocurrencies annually through each intermediary after passing a suitability test. Qualified investors can trade cryptocurrencies without the same purchase limit, although testing requirements still apply. Bitcoin, Ether and USDT were among the cryptocurrencies proposed by the Bank of Russia for regulated trading. Crypto can be used for cross border settlements, while payments for ordinary goods and services inside Russia remain prohibited. The Bank of Russia said the rules allow both investor groups to conduct cryptocurrency transactions through regulated intermediaries, while access levels depend on investor status and mandatory testing. Non-qualified investors can buy up to 300,000 rubles worth of eligible cryptocurrencies each year through each i...