Russia discusses bill to allow domestic trading of major cryptocurrencies

The Russian government is discussing a regulatory proposal to permit domestic trading of major cryptocurrencies with large market capitalizations and proven trading records, local media outlet RBC reported. According to a draft of the "Digital Currency and Digital Rights" bill obtained by the outlet, the Central Bank of Russia (CBR) would be authorized to allow the circulation of cryptocurrencies with an average market cap of over 5 trillion rubles ($60 billion) for the two years prior to listing and an average daily trading volume exceeding 1 trillion rubles ($12 billion). Cryptocurrencies that currently meet these criteria include BTC, ETH, and SOL. Meanwhile, Russia's financial monitoring agency would be granted new authority to prohibit the trading of privacy-focused coins. The bill is targeted for adoption by the Russian parliament by July 1, with the investment limit for general investors expected to be under $4,000 per year.