Today, the latest amendment, named the (Digital Currency and Digital Rights Law), marks Russia's official opening of a door for cryptocurrencies.
The core content of the bill is simple and blunt: it allows a small number of leading cryptocurrencies, such as Bitcoin (BTC), Ethereum (ETH), and Solana (SOL), to enter the compliant market in Russia for trading. However, the conditions for entry are quite stringent — over the past two years, the average market capitalization must exceed 5 trillion rubles (approximately 6 billion USD), while the average daily trading volume must not be less than 1 trillion rubles (approximately 120 billion USD), and there must also be a trading history of at least five years.
An average market capitalization of 60 billion dollars and a daily trading volume of 12 billion dollars. It ruthlessly excludes all tokens except for Bitcoin, Ethereum, and a few top projects.
First, the assets with the deepest liquidity that are least likely to be manipulated by a single entity. The scale of BTC and ETH gives them a certain degree of resistance to manipulation, which is crucial for a country aimed at maintaining financial stability.
Second, well-tested and consensus-strong assets. A trading history of five years is required, eliminating all emerging, unverified 'celebrity coins'.
Third, fully transparent and traceable assets. The bill clearly authorizes the Central Bank of Russia to screen and blacklist privacy coins (such as Monero), prohibiting trading.
At the same time, the bill does not spare punishments for violations. Violating exchanges and mining farms will face fines of up to 2.5 million rubles, while individuals or organizations engaging in large-scale illegal mining may even face up to five years in prison.
In this officially announced '60 billion dollar club', the inclusion of Bitcoin and Ethereum is no surprise. What truly shook the industry is the prominent listing of Solana (SOL).
If BTC is digital gold and ETH is the world's computer, then Solana has always been fiercely competing in the high-performance public chain track.
However, Russia's move is akin to giving Solana a strong endorsement from a sovereign state.
This not only means that Russia's institutions and high-net-worth investors (reports indicate that Russia is planning to establish a dedicated trading platform for 'high-qualifying investors' to trade and hold SOL compliantly) are involved. Its deeper significance lies in a global power officially placing Solana on the same tier as Bitcoin and Ethereum, recognizing it as a 'first-tier crypto asset'.
This is undoubtedly a shot in the arm for Solana, which still faces regulatory uncertainty globally (for example, pressure from the U.S. SEC).
An interesting phenomenon is that, although BRICS countries have discussed and cooperated on 'de-dollarization' and establishing new payment systems (such as BRICS Pay and the mBridge project), they have not sought unity on the specific regulatory paths for cryptocurrencies, instead fighting their own battles and carving out distinctly different paths.
China: Firmly advancing central bank digital currency (DCEP) while maintaining a high-pressure stance on unofficial cryptocurrencies and related businesses (such as RWA), with the core being 'block the evil door, open the right door', firmly grasping the control of digital finance in the hands of the state.
Hong Kong, China: As a special window, it is actively building a global center. It does not implement a one-size-fits-all approach but rather establishes a 'testbed' under strict regulation by issuing licenses (for stablecoins, exchanges), attracting global capital and technology.
Russia: Today, it has chosen a third path—neither a complete ban nor widespread openness, but rather constructing an 'elite club' that only allows a very small number of the world’s top crypto assets to flow in, aiming to utilize the liquidity of these assets for its macroeconomic and international settlement while keeping risks to a minimum.
