Russia's central bank has proposed its first framework for letting ordinary investors trade crypto on public markets.
Which coins, and why only threeThe cap itself is written into the directive's operative text. "The maximum amount of the total value of digital currencies acquired through a broker during the calendar year amounts to 300 thousand rubles," Article 2 states.
XRP, the cryptocurrency created by the founders of payments company Ripple in 2012, has been left off the approved list for now. The token would seemingly qualify given the criteria, but XRP over the years has gone through regulatory troubles—stemming from a since-settled SEC lawsuit against Ripple—that caused the token to be delisted and then relisted on several exchanges, which could be playing a factor.
Retail gets a door; whales get the marketQualified investors—Russia's wealthier, accredited class—face none of these walls. "Qualified investors will be able to acquire all cryptocurrencies that will be traded on the exchange and over-the-counter markets, without restrictions," the notice says. Before any trade, though, everyone takes a test. "All investors, regardless of their status, will need to pass testing and familiarize themselves with the risks of investing in cryptoassets."
The Bank of Russia accepts comments until Aug. 24, and the directive takes effect 10 days after its official publication, signed by Governor Elvira Nabiullina.
