Russia will allow major cryptocurrencies such as Bitcoin, Ethereum and Solana to enter its market

PANews reported on March 24, citing Cryptopolitan, that the Russian Government Legislative Council has approved a bill regulating cryptocurrency transactions, which will allow domestic crypto exchanges to list digital assets with the largest market capitalization and trading volumes.

Under the bill, cryptocurrencies eligible for trading must meet the following criteria: an average market capitalization of over 5 trillion rubles (approximately $60 billion) over the past two years, an average daily trading volume of at least 1 trillion rubles (roughly $12 billion), and a trading history of no less than five years. Major cryptocurrencies such as Bitcoin, Ethereum, and Solana meet these standards.

The bill grants the Central Bank of Russia the authority to determine the list of digital assets permitted for circulation, and empowers financial intelligence agencies to blacklist specific cryptocurrencies, with privacy coins to be banned from trading. Cryptocurrencies and stablecoins are classified as "monetary assets", and ordinary Russian citizens will face an annual investment limit of less than $4,000.

The bill also stipulates that non-compliant cryptocurrency exchanges will face fines of up to 1 million rubles, illegal mining entities may be fined up to 2.5 million rubles, and large-scale illegal mining could result in imprisonment for up to five years.

Disclaimer: The views expressed in this article are solely those of the author and do not constitute investment advice from this platform. This platform makes no warranties regarding the accuracy, completeness, originality, or timeliness of the information in the article, nor shall it be liable for any losses arising from the use of or reliance on such information.