- Bank of Russia proposed crypto exchange rules requiring standardized trading procedures, pricing, and licensed digital depositories with capital requirements.
- Draft regulations require digital accounts, ownership records, participant information, and liquid capital backed by high-quality financial assets.
- Russia’s new crypto market bill supports the proposed framework while preserving its ban on domestic cryptocurrency payments.
The Bank of Russia has proposed new rules for cryptocurrency exchanges and digital depositories, defining how digital assets would be traded, recorded, and safeguarded under the country’s emerging regulatory framework. The draft regulations also introduce capital requirements for market operators as Russia moves toward implementing its recently approved crypto market law.
According to the Bank of Russia, the proposals establish the country’s first framework for organized trading of digital assets and digital rights. Besides setting operating standards for exchanges, the draft outlines how institutions responsible for digital asset custody would function within the regulated market.
Under the proposed framework, cryptocurrency exchanges would establish their own trading procedures through internal rulebooks. Additionally, they would calculate market prices and weighted average prices for digital assets and digital rights traded on their platforms, creating a standardized pricing approach.
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Draft rules establish capital and trading requirements
According to the draft regulations, digital depositories would maintain official records of cryptocurrencies and digital rights while operating under principles similar to traditional securities depositories. Moreover, the Bank of Russia would oversee these entities through an official register.
The proposals require digital depositories to maintain equity ranging from 50 million rubles to 250 million rubles, depending on whether they operate on open distributed ledgers or provide post-trade settlement services. Furthermore, the required capital must consist of liquid assets, while any financial assets included within that capital must meet high credit quality standards to strengthen the financial stability of licensed operators.
Similar capital requirements would also apply to electronic platform operators, which would act as information system operators responsible for settling digital financial asset transactions through nominal accounts. Besides capital standards, the proposals introduce detailed requirements for maintaining digital accounts and recording digital currencies and digital rights. Operators would also collect information about account holders, system participants, and the digital assets registered within the system.
Additionally, the framework aims to standardize recordkeeping practices across regulated participants. As a result, authorities would receive more consistent information regarding ownership records and digital asset transactions conducted within the regulated market.
Draft regulations enter regulatory review
According to the Bank of Russia, the draft regulations have been published for regulatory impact assessment before the rules become final. During this stage, regulators will review the proposals and evaluate their potential effects on market participants. The central bank also confirmed that it would maintain the official register of licensed digital depositories, placing them under the same regulatory principles that apply to traditional securities depositories.
The proposals build on the crypto market bill approved by Russia’s State Duma last week, which established a legal framework for regulated retail cryptocurrency trading while preserving the country’s ban on using cryptocurrencies for domestic payments. If enacted, the legislation is expected to take effect in September. Consequently, the law would provide the legal foundation for the Bank of Russia’s proposed framework governing cryptocurrency exchanges and digital depositories.
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