Crypto▲ Bullish
Russia central bank unveils rules for crypto exchanges, depositories
The Bank of Russia proposed capital requirements, registration and timelines for regulated crypto trading starting Sept. 1. Sberbank and VTB are preparing services.
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Russia's central bank released draft regulations for cryptocurrency exchanges, digital depositories and market registration, setting the framework for a regulated crypto market that is set to launch in September.
The Bank of Russia published the proposals for regulatory impact assessment on Tuesday. They complement the federal law "On Digital Currency and Digital Rights" that passed the State Duma earlier this month and is awaiting approval from the Federation Council before President Vladimir Putin signs it.
The legislation places the central bank at the center of oversight. Under the proposed rules, cryptocurrency exchanges can set their own trading procedures and calculate market prices for listed assets. A separate instruction covers digital depositories, a new category of institution that will maintain records of holdings and transactions.
Depositories will need minimum equity of 50 million to 250 million rubles, or about $600,000 to $3 million, depending on services provided, the Bank of Russia said. Institutions working with open distributed ledger systems or offering post-trade settlement face different capital requirements. The regulator said the capital backing those businesses must remain liquid and consist of high-credit-quality financial assets.
One of the draft regulations authorizes the Bank of Russia to establish and maintain official registers for cryptocurrency market participants. The registration system will cover operators of platforms used to issue, store and trade cryptocurrencies, as well as exchange organizations and depositories under the law's requirements.