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

According to Cryptopolitan, the Legislative Activity Committee of the Russian government has approved a bill regulating cryptocurrency trading, which will allow the country's crypto exchanges to list digital assets with the largest market capitalization and trading volume.

According to the bill, cryptocurrencies approved for trading must meet the criteria of having an average market capitalization of over 5 trillion rubles (approximately 600 billion USD) over the past two years, an average daily trading volume of at least 1 trillion rubles (approximately 120 billion USD), and a trading history of at least five years. Mainstream 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 allowed for circulation and empowers the financial intelligence agency to blacklist specific cryptocurrencies, with privacy coins being banned from trading.

Cryptocurrencies and stablecoins are classified as "monetary assets," and the annual investment amount for ordinary Russian citizens will be limited to below 4,000 USD. The bill also stipulates that non-compliant crypto 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 face up to five years in prison.