Russia Restricts Cryptocurrency Trading to Licensed Firms

Russia has taken another step towards regulating its rapidly growing cryptocurrency market. According to a recent development, the Russian government has approved a bill that will restrict cryptocurrency trading to only licensed brokerage firms. This move is aimed at tightening government oversight of crypto assets while maintaining limited access for unqualified investors and wider access for qualified ones.

Under the new regulatory framework, individual investors will have to pass an exam to purchase cryptocurrencies through a single brokerage firm. The maximum amount they can buy per year is set at 300,000 rubles ($3,700) worth of 'the most liquid cryptocurrencies', as determined by the Russian Central Bank.

The bill also requires residents to report cryptocurrency purchases from abroad to tax authorities. While this move may seem restrictive, it is part of a broader effort to bring the cryptocurrency market under government control.