The Bank of Russia published draft regulations outlining the country's first framework for organized trading of digital assets and digital rights, introducing new requirements for crypto exchanges and digital depositories. The proposals follow Russia's crypto market bill passed by the State Duma last week, which introduced a legal framework for regulated retail crypto trading. The draft regulations establish operational requirements for exchanges to determine trading procedures and calculate market prices, while creating digital depositories responsible for maintaining cryptocurrency records with equity requirements ranging from 50 million rubles ($640,860) to 250 million rubles ($3.2 million).
Bank of Russia Establishes Exchange and Depository Operational Framework
Under the proposals, exchanges would determine their trading procedures in their own rulebooks and calculate market and weighted average prices for digital assets and digital rights traded on their platforms. The central bank proposed creating digital depositories responsible for maintaining records of cryptocurrencies and digital rights. The Bank of Russia stated that digital depositories would operate under the same principles as traditional securities depositories and that it would maintain the official register of these entities. The proposals establish requirements for recording digital currencies and digital rights, maintaining digital accounts, and collecting information on account holders, system participants and recorded assets.
Digital Depositories Face 50-250 Million Ruble Capital Requirements
Digital depositories would be required to hold between 50 million rubles ($640,860) and 250 million rubles ($3.2 million) in equity, depending on whether they operate on open distributed ledgers or provide post-trade settlement services. According to the draft regulations, the required capital must consist of liquid assets, while any financial assets included must be of high credit quality. Similar capital requirements would apply to electronic platform operators, whose functions would be performed by information system operators settling digital financial asset transactions through nominal accounts.
Draft Regulations Enter Impact Assessment Phase Ahead of September Implementation
The Bank of Russia stated the draft regulations have been published for regulatory impact assessment. The proposals follow Russia's crypto market bill passed by the State Duma last week, which introduced a legal framework for regulated retail crypto trading while maintaining the country's ban on using cryptocurrencies for domestic payments. The legislation is expected to take effect from September if enacted.
FAQ
What capital requirements did the Bank of Russia propose for digital depositories?
The Bank of Russia proposed that digital depositories hold between 50 million rubles ($640,860) and 250 million rubles ($3.2 million) in equity, depending on whether they operate on open distributed ledgers or provide post-trade settlement services. The required capital must consist of liquid assets, and any financial assets included must be of high credit quality.
When is Russia's crypto market legislation expected to take effect?
The legislation is expected to take effect from September if enacted. The crypto market bill was passed by the State Duma last week and introduced a legal framework for regulated retail crypto trading while maintaining the country's ban on using cryptocurrencies for domestic payments.
