The Bank of Russia will let non-qualified investors buy Bitcoin, Ether and USDT from Nov. 17, with a 300,000-ruble annual cap per intermediary. Moscow Exchange plans to start its crypto market on Dec. 1, so the rule date and the first trading are separate milestones.
The Bank of Russia will allow non-qualified investors to buy Bitcoin, Ethereum and USDT under a new crypto investment framework starting Nov. 17. Under the directive, exchanges can offer the approved assets for public trading, the central bank said on Friday.
Retail buyers face a purchase cap and a test
Retail investors can reach the cryptocurrencies through brokers, asset managers and crypto exchanges, including through over-the-counter transactions. Purchases will be capped at 300,000 rubles per year for each intermediary.
Qualified investors are exempt from these restrictions. However, both categories must complete an assessment test and review the risks before entering a transaction.
The Defiant reports that the directive defines the broker limit as the ruble acquisition cost of crypto bought through that broker during a calendar year. The cap limits purchases per intermediary, rather than the market value of an investor's holdings.
Only the most liquid assets made the list
The central bank said the approved list contains only the most liquid digital assets, selected using criteria set out in legislation. Those criteria include market capitalization, average daily trading volume and at least five years of pricing data from international exchanges.
According to Crypto Briefing, the requirements aim to reduce investment risks for retail participants by limiting access to assets with weaker liquidity and shorter trading histories.
Moscow Exchange opens later
The Nov. 17 date does not mean trading starts that day. Moscow Exchange plans to begin its crypto market on Dec. 1, initially with pilot transactions and participants joining as they become ready.
Its initial instruments will include BTC, ETH and USDT, The Defiant reports, with same-day and next-day settlement and swaps available from Dec. 1.
Sources: Crypto Briefing, The Defiant
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