Russia Unveils Draft Regulations for Regulated Crypto Market

Russia is moving closer to establishing a regulated cryptocurrency market, with the Bank of Russia publishing draft regulations for 'organized trading' of digital assets and rights.

The proposals outline a framework where exchanges would establish their own trading procedures through internal rulebooks and be responsible for calculating market prices and weighted average prices. This approach would place crypto trading within a more formal market structure, with approved operators setting transparent procedures while remaining subject to central bank oversight.

Digital depositories would be created to record cryptocurrencies and digital rights, maintaining digital accounts, collecting information about account holders and system participants, and keeping records of the assets held through their infrastructure. The Bank of Russia said these entities would operate according to principles similar to those applied to traditional securities depositories.

The proposed capital requirements for digital depositories vary between 50 million rubles ($640,860) and 250 million rubles ($3.2 million) in equity, depending on the services provided. Electronic platform operators would also face similar requirements, with their functions carried out by information system operators that settle transactions involving digital financial assets through nominal accounts.