Russia Publishes Draft Regulations for Cryptocurrency Trading

The Bank of Russia has published draft regulations for trading digital currencies, marking a significant step towards launching a cryptocurrency market in Russia.

The new rules require organizations like crypto exchanges to report digital assets into their existing systems for pricing, monitoring, and reporting using the same processes they already run for regular currencies and securities.

Russia's central bank is implementing these changes as the State Duma prepares comprehensive regulation of crypto.

The country has a complex relationship with Bitcoin, which has been illegal in Russia as a form of payment since 2022 but has been used by lawmakers for international settlements due to its cheap energy availability.