Russia Cracks Down on Crypto Trading with Draft Regulatory Framework
The Central Bank of Russia has released a draft regulatory framework for the organized trading of digital assets and digital rights, aiming to impose high registration capital thresholds and enforce market pricing rules.
The draft requires exchanges to develop and publish their own rule manuals to establish a unified trading and clearing process, including real-time calculation and disclosure of market prices. This move aims to eliminate price manipulation between platforms and provide investors with transparent pricing anchors.
To prevent systemic financial risks, the Central Bank has proposed establishing 'Digital Custodians' with registered capital ranging from 50 million to 250 million rubles (approximately $630,000 to $3.15 million USD). These custodians must hold high liquidity and credit quality assets, completely blocking the use of low-quality collateral.
The draft also proposes that electronic platform operators be subject to similar capital and liquidity compliance standards, with settlement functions performed by designated information system operators through 'Nominal Accounts'. This separation aims to protect customer assets from platform funds.