Russia Unveils Draft Rules for Systematic Crypto Trading

Russia is taking significant steps towards regulating its cryptocurrency sector as it prepares for a new era. The State Duma recently approved a bill governing Bitcoin and altcoins, but more regulatory clarity has come from the Central Bank's published draft rules.

The proposed framework aims to create a systematic approach to cryptocurrency trading in Russia. According to the Central Bank, this draft clarifies how digital assets will be bought and sold in the country and sets basic rules for their storage.

Cryptocurrency custodians would need to hold between 50 million and 250 million rubles (over $3 million) in equity capital and meet additional requirements for custody and record management. The draft also states that cryptocurrency exchanges will define their own trading procedures and calculate weighted average prices for crypto assets traded on their platforms.

The Central Bank has added that it will keep a register of digital deposit institutions, further outlining the regulatory framework for the sector.