Russia Unveils Draft Rules for Systemic Crypto Trading
Russia is taking significant steps towards regulating its cryptocurrency sector as it prepares for a new era in digital assets.
The Central Bank of Russia has published draft rules that will create the first regulatory framework for systemic cryptocurrency trading in the country, following the recent approval of a bill regulating Bitcoin and altcoins by the State Duma.
The proposed regulations set out the requirements for cryptocurrency custodians, exchanges, and digital deposit institutions. Custodians will 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.
Cryptocurrency exchanges are also expected to define their own trading procedures and calculate weighted average prices for crypto assets traded on their platforms. The Central Bank will keep a register of digital deposit institutions.