Russia Opens Door to Crypto Exchanges with October 5 Application Window

The Bank of Russia has announced that it will begin accepting applications from cryptocurrency exchanges and digital custodians on October 5, as part of its effort to regulate the crypto market.

This move follows the implementation of a new law in September, which creates a path for these operators to enter the regulated market.

The new rules also apply to operators of information systems used in the issuance of digital financial rights and establish qualifications for managers and executives.

According to the guidance, the electronic application form will be available on October 5, and the regulator will have 30 business days to decide after receiving the last required document for exchanges, while digital custodians have a 60-day deadline.