A new move comes as Russia continues its efforts to regulate Bitcoin (BTC) and cryptocurrencies.
Therefore, the Central Bank of Russia has announced a conceptual framework for regulating virtual currencies and submitted a draft law to the government.
In this proposal, the Central Bank of Russia updated its regulations regarding digital assets and differentiated between accredited investors and retail investors. The new framework imposes restrictions on retail investors, while giving accredited investors a wider investment scope.
According to the proposed rules, both retail and accredited investors will be allowed to participate, with an annual limit of 300,000 rubles for individual investors, but no limit for accredited investors (except for privacy-oriented cryptocurrencies).
As Russia's crypto market is being restructured, the country's two largest exchanges, the Moscow Stock Exchange (MOEX) and the St. Petersburg Stock Exchange (SPB), have announced their support for the proposed regulations.
The exchange announced that it is ready to start trading cryptocurrencies as soon as the relevant regulations come into effect next year.
“The Moscow Stock Exchange is actively working on solutions to serve the virtual currency market and plans to start distributing them as soon as the relevant regulations come into effect,” MOEX said.
SPB stated that it is “ready to start trading in virtual currencies after the necessary changes are made within the relevant legal framework. SPB Exchange has the appropriate technical infrastructure for trading and payments.”
*This is not investment advice.
