Bank of Russia Unveils Draft Rules for Regulated Crypto Trading

Russia’s central bank has published draft regulations establishing the country’s first formal framework for “organized trading” of digital assets, introducing new capital and operational requirements for crypto exchanges and digital depositories.

Key Proposals

Under the draft rules, exchanges would set their own trading procedures and calculate market prices for digital assets traded on their platforms. The central bank also proposed creating digital depositories responsible for recordkeeping of cryptocurrencies and digital rights, requiring these entities to hold between 50 million and 250 million rubles in equity depending on their specific functions. Capital held must consist of liquid, high-credit-quality assets, with similar requirements extending to electronic platform operators handling digital financial asset transactions.

Recordkeeping and Oversight

The proposals also establish standards for maintaining digital accounts and collecting information on account holders and system participants. Digital depositories would operate under principles similar to traditional securities depositories, with the central bank maintaining an official registry of approved entities.

Part of a Broader Regulatory Push

The draft rules follow Russia’s recently passed crypto market bill, which created a legal framework for regulated retail crypto trading while maintaining the country’s existing ban on using cryptocurrencies for domestic payments. That legislation is expected to take effect in September if formally enacted. The new proposals are currently open for regulatory impact assessment.