Russia to restrict crypto trading to licensed intermediaries

The Russian government has approved a bill that will only permit cryptocurrency trading through licensed intermediaries, significantly restricting access for individuals, Cointelegraph reported. Under the new regulatory framework, the Russian Ministry of Finance stated that trading digital currencies without a regulated intermediary will be prohibited. Individual investors will be required to pass a test and will only be allowed to purchase up to 300,000 rubles ($3,700) annually of 'the most liquid digital currencies' through a single intermediary. The Central Bank of Russia will designate the eligible coins. While residents can still purchase cryptocurrencies from overseas, they must report these transactions to tax authorities. Critics argue the regulations could be counterproductive. Sergey Mendeleev, founder of Exved, said the situation would end up like a casino, where people do not play less but instead move their activities to online and underground channels outside of state control.