Russia Formalizes Crypto Trading Regulations, Limits Retail Access

Russia's government has taken a significant step towards regulating the country's cryptocurrency market by approving draft laws that would channel domestic trading through licensed intermediaries.

The framework aims to limit retail participation, capping purchases at 300,000 rubles ($3,900) per year. To qualify for trading, retail investors must pass a test and have access to a Bank of Russia-approved list of assets.

Regulated exchanges and custodial service providers will be required to obtain licenses under the newly established regulatory regime. Banks and brokers can participate in crypto trading if they comply with specific prudential requirements.