Russia Opens Door to Regulated Crypto Trading Starting October 5

Russia's central bank, the Bank of Russia, has announced that crypto exchange operators and digital depositories can apply for entry into official registers starting October 5. This move is part of a new regulation that aims to bring crypto trading under government oversight.

The Bank of Russia's September 24 notice outlines the requirements for applicants, including qualifications for managers and certain officers, as well as documents that must be submitted. The regulator will consider each application separately, with a decision window of 30 working days for exchange operators and 60 working days for digital depositories.

Existing banks, brokers, and participants in an experimental regime can use a faster notification route, but only if they meet specific eligibility criteria. This route also requires a decision on register entry before September 1, 2027.

The new regulation is part of Russia's crypto law, which took effect on September 1. The law requires testing for both qualified and non-qualified investors and sets an annual purchase limit of 300,000 rubles per intermediary for the latter group. However, the assets that non-qualified investors may buy are still being handled separately, with Bitcoin, Ethereum, and Tether's USDT listed as proposed public exchange trading assets in a draft directive.