Russia Greenlights USDC for Regulated Crypto Market

Russia's Deputy Finance Minister Ivan Chebeskov has announced that USDCoin (USDC.CC) will be allowed to enter its regulated cryptocurrency market.

This decision was made after a previous indication from the Russian central bank that it would not approve additional tokens, but Chebeskov revealed that USDC would also be approved.

Non-professional investors in Russia may only invest in eligible crypto assets with an average market capitalization exceeding 5 trillion rubles (approximately $70 billion) over the past two years. This includes cryptocurrencies like Tether (USDT.CC), Bitcoin (BTC.CC), and Ethereum (ETH.CC).

Chebeskov also stated that small fiat-backed stablecoins from friendly jurisdictions could be permitted, including those denominated in rubles or UAE dirhams.