Is Russia’s approved crypto list -good for investors or Bad for the free market?

[Zaguru12]

They are not actually banning crypto. maybe they are compiling regulated access. But they are putting in place risk filter for retail user. Main criteria here for choosing BTC, ETH & USDT are average daily volume. They also look at market cap and at least 5 years of price history. This mean that they are prioritizing liquidity and track record.

However if govt decide which coin are safe enough and which are not then freedom of retail investor will surely be reduced. What is more interesting to me is, if you are qualified investor. Then you do not have this restriction. And you can trade in broader crypto market.

My honest opinion will be that I expected this kind of regulations from any country actually looking to regulate cryptocurrency, would it have been ok if they allow freedom to all cryptocurrencies? I will answer yes because that’s what cryptocurrency is all about. But what will this mean? It will simply mean that all this years of them not accepting bitcoin or cryptocurrency because it was actually a risky or most volatile assets will be looking like a lie just to cover up. But with the regulations now they will look more like they are actually watching out from investors, it would have been absurd seeing those pump and dump tokens there.

Does this actually changes anything? Personally I don’t think so, Russians were actually trading cryptocurrencies even it was not regulated and I think they would still trade those which are not regulated still. This is move is just the government trying to look like they are keeping the citizens save

[Spaceman1000$]

Hey guys, have you read this news?

Russia Approves Trading Bitcoin, Ethereum, USDT, But No XRP

Based on the report, Russia is moving toward regulated crypto trading, but only Bitcoin, Ethereum, and USDT are included for now. Other coins ( off the chart)..

What do you think will be the impact of this kind of rule (positive or negative).. ?

On one side, maybe the government is just trying to protect retail investors by allowing only coins with strong liquidity, longer track record and more stable market demand. But on the other side, this also feels very limiting. If the government decides which coins people are allowed to trade, does that already defeat the idea of a free crypto market?

I understand the need to protect beginners from risky tokens and pump-and-dump coins but do you think this is a positive step for crypto adoption, or is it just another way for governments to control the market ( which we hate)...?

This isn't crypto anymore, if you want people to trade their crypto assets, then allow the crypto owners a free trade zone for their assets, you cannot be the one to regulate the process of licensing and approving who will have to trade their coins. Crypto is all about private ownership of most of the assets, so the idea of using the Russian Central Bank in monitoring the activities of people's assets gives a total disapproval about what crypto assets especially Bitcoin stands for.

[Saltysugar99]

I welcome such a decision by a powerful country like Russia. Although they have not fully approved it as a legal tender. They have allowed trading within some rules and regulations. This will have a significant positive impact on the Bitcoin market. The acceptance of Bitcoin will become stronger among more people. Trust will increase where investors or holders will increase. We are seeing a real example of Bitcoin becoming a global asset and currency over time. At this moment where the price of Bitcoin is slightly lower, Russia's positive decision was not made only by considering the value of Bitcoin, but rather it was made in the future, where the crypto market will go in a positive direction and people's acceptance will increase. To survive in the modern economy, we have to move forward in line with crypto currencies and with this kind of thinking, Russia may be making such a decision in the initial stage.

[pawanjain]

Hey guys, have you read this news?

Russia Approves Trading Bitcoin, Ethereum, USDT, But No XRP

Based on the report, Russia is moving toward regulated crypto trading, but only Bitcoin, Ethereum, and USDT are included for now. Other coins ( off the chart)..

What do you think will be the impact of this kind of rule (positive or negative).. ?

On one side, maybe the government is just trying to protect retail investors by allowing only coins with strong liquidity, longer track record and more stable market demand. But on the other side, this also feels very limiting. If the government decides which coins people are allowed to trade, does that already defeat the idea of a free crypto market?

I understand the need to protect beginners from risky tokens and pump-and-dump coins but do you think this is a positive step for crypto adoption, or is it just another way for governments to control the market ( which we hate)...?

There are two sides to this. One is where people have the liberty to do what they want, as in nobody is stopping them to go and purchase coins from P2P markets.
So they can still go ahead and buy any coin they like and this is already in place and people are trading other coins in OTC markets.
The second thing is that the government has at least started allowing coins like BTC, ETH and USDT on their officially licensed exchanges.
This is only a positive sign for us since it will add more liquidity and volume in the overall crypto market.

[Alpha Marine]

In nations where there is no democracy, and the people have pointless voice and no power, things can change by the national leaders very quickly, even just after one night.

In all countries, things change by national leaders. Except they are things that are determined by economic forces. We've seen in European and American countries how governmnet make laws to restrict certain things related to crypto too. Or we didn't see Trump create a tarriff war all by himself?

With how this is going to be done, even the non qualified investors can still buy any coins of their choice since they can always bypass the test that will be given to them to check if they are qualified or not. Depending on how the test is conducted, I might still be possible for many to bypass it.

I agree with all other things you've said aside from this part. If there is going to be a test, then you can't bypass it. Even if there is a magin of error, it would be very small. In a test like that they you will need to prove that you are qualified investor and I believe you wouldhave to show your certification, prove that you earn a high income, and you also have to prove that you have qualifying assets. So I don't see how this can be easily bypassed.
People can still buy without the governmnet knowing through P2P, but if you're going to go through the official channels and carry out the test, it would be difficult to bypass it.

[moneystery]

If the government decides which coins people are allowed to trade, does that already defeat the idea of a free crypto market?

There is no need to be surprised. They just dislike the fact that more people can trade cryptocurrencies more freely. It sounds like they are protecting the public, but they are just controlling what their people can trade, monitoring how many assets they have, and all their financial information.
But that's just regulation; more Russians can still trade crypto through DEXs or P2P platforms. So, the regulation isn't really stopping people from trading crypto as they wish.

[Dogedegen]

This isn't crypto anymore, if you want people to trade their crypto assets, then allow the crypto owners a free trade zone for their assets, you cannot be the one to regulate the process of licensing and approving who will have to trade their coins. Crypto is all about private ownership of most of the assets, so the idea of using the Russian Central Bank in monitoring the activities of people's assets gives a total disapproval about what crypto assets especially Bitcoin stands for.

It is very strange what users here are writing because it does not make sense. The same thing is being done by the European Union but also by the US just a bit less. So Russia is giving a smaller list of approvals for now, but why are people acting surprised? Many tokens and some coins have been delisted because of European rules, Monero is a big example of that. How is that any different here? Regulations and restrictions are not against what Bitcoin stands for, it is not related at all. Bitcoin was designed to exist outside of the system, and it will survive in some form no matter what rules there are. So having regulations, or having strict regulations is not against Bitcoin even if the goals behind both these things are different.

In nations where there is no democracy, and the people have pointless voice and no power, things can change by the national leaders very quickly, even just after one night.

In all countries, things change by national leaders. Except they are things that are determined by economic forces. We've seen in European and American countries how governmnet make laws to restrict certain things related to crypto too. Or we didn't see Trump create a tarriff war all by himself?

It is a bit crazy to see what kind of stuff users here are making up. This has nothing to do with democracy or not democracy, or even Russia. As you and I say, almost all countries have been making laws like this and in Europe it is very strict maybe even stricter than China even if there is no formal approval there. So why are some users acting surprised, I don't understand it?

[Smartprofit]

What do you think will be the impact of this kind of rule (positive or negative).. ?

Russians have access to all the coins and tokens that they want to have access to.

It has nothing to do with the market. Those Russians that want to trade other coins know what they do to trade them.

Russia officially legalized cryptocurrencies recently, but Russians have been trading cryptocurrencies since the inception of bitcoin.

So are you saying that this news is basically irrelevant? Because even if the report says only Bitcoin, Ethereum and stablecoins are allowed for trading, in reality people can still trade other coins anyway. Is that what you are trying to say?

Please enlighten me, because otherwise I dont think this would even become a headline if the information was completely useless or fake.

What surprises you? The vast majority of media news is completely uninformative and doesn't allow you to form an accurate picture of the world. 🙋

What difference does it make which cryptocurrencies can be legally traded in Russia? In my opinion, anonymously exchanging one cryptocurrency for another online is straightforward. If you have Solana, you can easily exchange it for Bitcoin. It's a very simple task... Problems usually arise when people try to exchange cryptocurrency for fiat money.

Starting July 1, 2027, organizing illegal cryptocurrency exchanges in Russia will be punishable by up to seven years in prison. This is important information. 💁

[Stalker22]

~
Please enlighten me, because otherwise I dont think this would even become a headline if the information was completely useless or fake.

Like you never seen a news headline that was completely useless or fake?

Anyhow, I dont think Charles-Tim thought the news was useless per se, but rather that it wouldnt have a significant impact on the market as it was.  Which, in the end, turned out to be true, since the news was already over a week old and there was no visible impact on the market price.

[Fiatless]

This isn't crypto anymore, if you want people to trade their crypto assets, then allow the crypto owners a free trade zone for their assets, you cannot be the one to regulate the process of licensing and approving who will have to trade their coins. Crypto is all about private ownership of most of the assets, so the idea of using the Russian Central Bank in monitoring the activities of people's assets gives a total disapproval about what crypto assets especially Bitcoin stands for.

I get your point, mate. The people and organisations should be given the freedom to use cryptocurrency in any way they want. Putting restrictions like setting a benchmark for crypto transactions is wrong. We should also know that total freedom, especially for centralised platforms, could have a negative effect. Limiting the number of cryptocurrencies that will be available in the Russian market will reduce scams. The market will not be flooded with shitcoins that end up worthless due to this policy.

[Darker45]

This seems better, at least for a start. I'm assuming the number of tradeable coins will grow in number sooner or later. The same with the cap in purchased amount. The current annual limit of around $3,500 USD seems too low for a trader. But, again, I believe this will grow higher sooner or later.

Two points that seem interesting to me, though.

1. Investors need to pass a test before they can start trading. I'm wondering if this is worth emulating.
2. Considering that USDT is centralized and aggressively freezes assets, and has in fact frozen millions of Russian funds, why haven't they replaced it with a stablecoin pegged to the Russian ruble?

[X-ray]

2. Considering that USDT is centralized and aggressively freezes assets, and has in fact frozen millions of Russian funds, why haven't they replaced it with a stablecoin pegged to the Russian ruble?

This is good question, Tether definitely have history of blacklisting Russia linked sanctioned exchange like Garantex at the amount of $25 millions or so, but they approved USDT.

But, since Tether doesn't seem to want to operate within EU and comply to the MiCA and already got removed from EU accordingly. They might think, any EU sanction won't result in USDT blacklisting.

For context, the Garantex wallet freezing was requested by the U.S. Secret Service (USSS).

I think they've taken into account that unless the sanction is coming from the U.S., they could use USDT as a workaround.

[Darker45]

2. Considering that USDT is centralized and aggressively freezes assets, and has in fact frozen millions of Russian funds, why haven't they replaced it with a stablecoin pegged to the Russian ruble?

This is good question, Tether definitely have history of blacklisting Russia linked sanctioned exchange like Garantex at the amount of $25 millions or so, but they approved USDT.

But, since Tether doesn't seem to want to operate within EU and comply to the MiCA and already got removed from EU accordingly. They might think, any EU sanction won't result in USDT blacklisting.

For context, the Garantex wallet freezing was requested by the U.S. Secret Service (USSS).

I think they've taken into account that unless the sanction is coming from the U.S., they could use USDT as a workaround.

It's possible they considered Tether's decision not to pursue EU's MiCA license as something favorable to them. But as far as those frozen assets are concerned, EU had also played a big role in it. It wasn't as if it was just the US unilaterally demanding Tether to freeze Garantex's and other Russian funds. Garantex was included in the EU's sanction package as well.

Well, perhaps they're giving more weight to liquidity, capitalization, volume, and whatnot despite the fact that this could risk more Russian funds, and in spite of the fact that there's also a rubble-pegged stablecoin.

[pooya87]

What do you think will be the impact of this kind of rule (positive or negative).. ?

Either nothing or mostly positive.
It is worth knowing that they are not saying you are only allowed to buy these 3 coins. They are saying that the "licensed exchanges" will be allowed to list these coins for a start. And this is just a draft of a proposal not the law.

On one side, maybe the government is just trying to protect retail investors by allowing only coins with strong liquidity, longer track record and more stable market demand.

No. They just selected coins with the largest market capitalization. It doesn't look like they have put any additional thoughts into it (they wouldn't have included USDT if they had IMO).

If the government decides which coins people are allowed to trade, does that already defeat the idea of a free crypto market?

That's not what the government did. As I said this is just a draft of a proposal and it will not restrict people from buying other stuff, it just restricts what the regulated centralized exchanges are allowed to list.

I understand the need to protect beginners from risky tokens and pump-and-dump coins but do you think this is a positive step for crypto adoption, or is it just another way for governments to control the market ( which we hate)...?

Nobody hates government regulations, what people hate is government restrictions and surveillance just to have control over what people are allowed to do. Just look at various boards to find topics where people were excited and happy over the past couple of weeks regarding stablecoins audits by centralized entities and government regulators!

[Outhue]

That's Russia's problem, if I am a citizen of Russia I can surely buy whichever coins I feel like buying, it makes no difference since this isn't a ban on every other coins apart from Bitcoin and other, this list is for people who want to do things that they are been told by their country's leader, people who believe that id something is best for them it's their leader that can give them the go ahead, something straight out of North Korea.

The government won't come checking everyone's smartphone to see the coins they are purchasing, this is even if there is a ban on cryptocurrency in the country, it won't stop russians from buying memecoins if they want.

[iBaba]

Hey guys, have you read this news?

Russia Approves Trading Bitcoin, Ethereum, USDT, But No XRP

Based on the report, Russia is moving toward regulated crypto trading, but only Bitcoin, Ethereum, and USDT are included for now. Other coins ( off the chart)..

What do you think will be the impact of this kind of rule (positive or negative).. ?

On one side, maybe the government is just trying to protect retail investors by allowing only coins with strong liquidity, longer track record and more stable market demand. But on the other side, this also feels very limiting. If the government decides which coins people are allowed to trade, does that already defeat the idea of a free crypto market?

I understand the need to protect beginners from risky tokens and pump-and-dump coins but do you think this is a positive step for crypto adoption, or is it just another way for governments to control the market ( which we hate)...?

I think if the government decides exactly assets that are acceptable to them they will be restricted and that part of  freedom is lost. It can be both positive and limiting at the same time, allowing bitcoin, ethereum and USDT can give ordinary users more confidence because they know the government has at least set some rules around the market. But I also have concern about limiting the choice of coins which is one of the attractive things about crypto, because people can choose what they want to use or invest in.

Personally, I would see this as good starting point rather than a perfect solution, it can reduce scams and protect new people coming into crypto, but it should not become an excuse for government to control every part of the crypto market.

[promise444c5]

This isn't crypto anymore, if you want people to trade their crypto assets, then allow the crypto owners a free trade zone for their assets, you cannot be the one to regulate the process of licensing and approving who will have to trade their coins. Crypto is all about private ownership of most of the assets, so the idea of using the Russian Central Bank in monitoring the activities of people's assets gives a total disapproval about what crypto assets especially Bitcoin stands for.

Is this new to you?  Government have always been doing this for a long time , it didn’t just started now..what’s new there is that they are specifically cutting off other cryptos and living behind the main one to be traded the way they prefer.

Doesn’t stop you from moving or buying other altcoins whenever you want so far you know how and where to store them. It’s not that hard [i gues]..

[Kelward]

This isn't crypto anymore, if you want people to trade their crypto assets, then allow the crypto owners a free trade zone for their assets, you cannot be the one to regulate the process of licensing and approving who will have to trade their coins. Crypto is all about private ownership of most of the assets, so the idea of using the Russian Central Bank in monitoring the activities of people's assets gives a total disapproval about what crypto assets especially Bitcoin stands for.

Is this new to you?  Government have always been doing this for a long time , it didn’t just started now..what’s new there is that they are specifically cutting off other cryptos and living behind the main one to be traded the way they prefer.

Doesn’t stop you from moving or buying other altcoins whenever you want so far you know how and where to store them. It’s not that hard [i gues]..

You cannot isolate regulations and control from any government, they will want to regulate every sectors especially cryptocurrency that tends to have different levels of privacy so I'm not surprised about hearing this Russia's new crypto regulation. They will give the impression that they want to protect crypto traders but in reality they want to strictly regulate the sector, we can say that they are infringing on the rights and choices of traders in their country but traders there just have to abide by their regulations. Cryptocurrency should be about choice, although there are lots of scams in the sector but crypto traders are the ones to do their own research inorder not to be scammed. If they must regulate let it be restrictions on shitcoins not for reputable altcoins.

[maydna]

The positive thing is people don't have to afraid trading crypto although they just have Bitcoin, Ethereum, and USDT. Slowly the government will allows other coins and regulate it so people will have more chances to trades. We may think that defeat the idea of a free crypto market but don't forget that the government controls all things in their country. That could happens in other countries which regulate crypto but that will be a positive step for crypto adoption in that country because people can using crypto to trade.

[dwyane36]

You cannot isolate regulations and control from any government, they will want to regulate every sectors especially cryptocurrency that tends to have different levels of privacy so I'm not surprised about hearing this Russia's new crypto regulation. They will give the impression that they want to protect crypto traders but in reality they want to strictly regulate the sector, we can say that they are infringing on the rights and choices of traders in their country but traders there just have to abide by their regulations. Cryptocurrency should be about choice, although there are lots of scams in the sector but crypto traders are the ones to do their own research inorder not to be scammed. If they must regulate let it be restrictions on shitcoins not for reputable altcoins.

If I’m not mistaken, statements by various politicians about the need to restrict, ban, or at least regulate the cryptocurrency industry began appearing in Russia as far back as 2016. In other words, it took them 10 years to pass laws, and, personally, I think the issue goes beyond just a desire to regulate everything and everyone. While this is inherent in any totalitarian regime, in Russia’s case, the passage of cryptocurrency laws seems more like a desperate attempt by the authorities to find a new source of revenue to replenish the budget, which, by the way, has a massive deficit.