Russian Crypto Exchanges Get Green Light to Apply for Official Status

Russia has relaxed its rules for crypto exchanges and digital depositories, allowing them to apply for entry into official registers starting October 5. This move is in line with a law that took effect on September 1, which aims to establish a regulated market for cryptocurrencies.

However, even after applying, firms still need individual decisions from the Bank of Russia before joining the registers. The bank has also clarified its rules for managers and officers of these exchanges, as well as the documents required for entry into the registers.

The regulator has set a 30-working-day window for exchange operators to receive a decision after submitting all required documents, while digital depositories have a 60-working-day review period. Existing banks, brokers, and participants in an experimental regime can use a faster notification route, but this also requires a decision on register entry.

The Bank of Russia has also proposed a list of assets that non-qualified investors may buy, including Bitcoin, Ethereum, and Tether's USDT. However, this list is still pending separate decisions, and the October admission procedure does not finalize it.