Russia Outlines Draft Regulations for Organized Crypto Trading

Russia's Central Bank has released new draft regulations aimed at establishing organized crypto trading in the country. The move comes after a year of embracing the crypto industry, with private banks in Russia starting to offer crypto services. This shift marks a significant change for Russia, which previously ruled Bitcoin and Ethereum as not being real forms of currency.

The new regulations require each exchange to set out its trading mode in its rules and calculate market and weighted average prices for digital currencies. Additionally, the regulator has developed requirements for digital depositories, which will keep records of cryptocurrencies and digital rights. These depositories must have a minimum equity of ₽50 million, ₽250 million.

Russia's pro-crypto moves may also be seen as an attempt to skirt international sanctions imposed by Western nations. The U.S. and European governments sanctioned Russia in 2014 after it annexed Crimea, and penalties were stepped up again following its invasion of Ukraine in 2022. President Putin hinted at the use of Bitcoin specifically, stating that new technologies could help people move money during a forum in Moscow in December 2024.