Russian Central Bank proposes to ban citizens from trading on foreign crypto exchanges that comply with international sanctions

May 20th, according to Bits.media, the Russian Central Bank wants to ban Russian citizens from trading on crypto exchanges that comply with international sanctions. Ekaterina Lozgacheva, Director of the Strategic Development Department of the Russian Central Bank, stated that the central bank intends to prohibit Russians from trading on foreign crypto exchanges that comply with international sanctions. Russians can only trade cryptocurrencies on foreign platforms through Russian brokers, provided that these foreign platforms do not comply with international sanctions. The country's central bank will set its own standards for foreign platforms that Russian brokers and investors are allowed to use. Lozgacheva said that even crypto transactions conducted abroad through Russian intermediaries are subject to foreign regulation and carry additional risks. The annual limit for non-professional investors to purchase cryptocurrencies is 300,000 rubles, and they can only access the most liquid crypto assets through domestic brokers. A test is required before trading, and qualified investors are not subject to the limit but still need to pass the test. Relevant restrictions will be included in the second reading version of the draft law "On Digital Currencies and Digital Rights," with key provisions expected to take effect on July 1st.