Russia Opens Regulated Crypto Market to Three Types of Organizations
The Bank of Russia has published instructions for entering the regulated crypto market, paving the way for three types of organizations to operate: digital currency exchangers, digital depositories, and information system operators.
Crypto exchangers, essentially OTC dealers who buy and sell cryptocurrency on their own behalf outside an exchange, must meet a minimum capital requirement of 15 million rubles. These entities will be effectively regulated by the Central Bank, which will check owners, management, capital, internal control, and IT infrastructure.
Digital depositories, on the other hand, store and account for assets, maintain digital accounts, and provide access to wallets. Their capital requirements vary depending on the model, ranging from 50 million to 250 million rubles. Information system operators issue and service digital rights, but if they conduct settlements through a nominal account, they must meet stricter requirements.
The regulator will check owners, management, capital, internal control, and IT infrastructure for all three types of organizations. Depositories face additional scrutiny, with requirements including banking GOST IB certification, certified hardware modules for keys, penetration tests, and DDoS protection. Logging and user tracking are also mandatory.
Credit organizations and brokers can enter the register of exchangers under a simplified procedure until September 1 next year. Existing information system operators will become depositories within one business day.