Russia Publishes Draft Regulations for Regulated Crypto Trading
The Bank of Russia has published its first draft regulations for organized trading in cryptocurrencies and digital rights. The draft rules aim to support trading under Russia's newly adopted digital-currency law.
Under the proposed regulations, exchanges would publish standardized crypto prices and calculate a market price and volume-weighted average price for every admitted cryptocurrency or digital right. This would give brokers, custodians, and investors a common reference for valuing positions inside Russia.
Custodians would be required to record customer ownership in formal records, which could simplify recovery procedures and compliance checks for investors who do not want to manage private keys. However, the model also creates reliance on the provider's cybersecurity, accounting controls, and ability to match customer balances with assets held on-chain or through foreign custodians.
The draft capital regulation starts with a base requirement of approximately $640,000 for a standard custody provider, rising to $1.27 million when controlling blockchain addresses or holding accounts with foreign digital-asset custodians. A settlement provider responsible for obligations arising from exchange trading would need $3.2 million.
The new law adds a regulated route for buying and selling digital currencies while expanding how Russian digital rights can circulate. However, cryptocurrencies and domestic DFAs remain legally distinct, with the latter having an identifiable issuer and defined contractual rights.