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

According to market news, the Russian government's Legislative Activity Committee has approved a bill to regulate cryptocurrency trading, which will allow the country's crypto exchanges to launch digital assets with the largest market value and transaction volume. According to the bill, cryptocurrencies allowed to be traded must have an average market value of more than 5 trillion rubles (about 60 billion US dollars) in the past two years, an average daily trading volume of at least 1 trillion rubles (about 12 billion US dollars), and a trading history of at least five years. Mainstream cryptocurrencies such as Bitcoin, Ethereum and Solana meet these standards. The bill gives Russia's central bank the power to determine a list of digital assets allowed to circulate, and authorizes financial intelligence agencies to blacklist specific cryptocurrencies, and private coins will be prohibited from trading. Cryptocurrencies and stablecoins are recognized as "monetary assets" and the annual investment of ordinary Russian citizens will be limited to less than US$4000. The bill also stipulates that illegal crypto exchanges will face a fine of up to 1 million rubles, illegal mining entities can be fined up to 2.5 million rubles, and large-scale illegal mining may face up to five years in prison.