Russia Unveils Draft Crypto Trading Regulations Amid Broader Regulatory Efforts

The Bank of Russia has published draft regulations for digital currency trading, 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 new rules as the State Duma prepares comprehensive regulation of crypto. The country has a complex relationship with Bitcoin, having banned its use as a form of payment in 2022 but legalizing its use for international settlements in 2023.