Bank of Russia Outlines New Rules for Cryptocurrency Market

The Bank of Russia has outlined new rules for the cryptocurrency market in Russia, including requirements for digital depositories and operators of electronic platforms. According to the draft regulatory acts, exchanges will determine procedures for working with digital currencies and calculate their market and weighted average price.

Digital depositories, a new type of market participant, will be responsible for keeping records of digital currencies and digital rights. The minimum capital size for these depositories is set at between 50 million to 250 million rubles, depending on the functions they perform.

The Bank of Russia will maintain a register of digital depositories, which will include information about depositors, persons who have gained access to the system, and assets being accounted for. The new rules aim to create a more transparent infrastructure for market participants, including online digital currency exchange services, investment platforms, and other digital services.