TL;DR
- The Bank of Russia proposed its first organized trading framework for digital assets and rights, adding formal rules for exchanges and digital depositories nationwide.
- Exchanges would set procedures in their rulebooks and calculate market and weighted average prices, while depositories would face capital and recordkeeping requirements.
- The draft follows legislation allowing regulated retail crypto trading while preserving the domestic payments ban, with the broader law expected to begin in September.
The Bank of Russia has published draft regulations creating the country’s first framework for what it calls organized trading in digital assets and digital rights. The proposals introduce formal requirements for crypto exchanges and digital depositories, moving the market toward a more defined institutional structure. Russia is attempting to place crypto trading inside rules resembling established financial markets. The shift is notable because regulated retail access is advancing even as cryptocurrencies remain prohibited for domestic payments, leaving the country to separate investment activity from everyday monetary use with unusual precision across its evolving financial system.
Exchanges and depositories face new operational standards
Under the draft, exchanges would establish trading procedures through their own rulebooks and calculate both market prices and weighted average prices for the digital assets and rights available on their platforms. The central bank is giving venues operational flexibility while demanding standardized price formation. That balance suggests exchanges may design how trading works, but not without measurable benchmarks capable of supporting supervision and market consistency. The framework therefore moves beyond simply authorizing activity, asking platforms to document procedures and produce pricing data that could make digital markets easier to monitor and compare in practice today.
The proposals would also create digital depositories responsible for recording cryptocurrencies and digital rights. Depending on their functions, these entities would need equity ranging from 50 million rubles, or about $640,860, to 250 million rubles, or approximately $3.2 million. Capital requirements are intended to make custody and settlement providers financially accountable. Required capital must consist of liquid assets, while included financial instruments must carry high credit quality. Comparable standards would apply to electronic platform operators handling digital financial asset settlements through nominal accounts, extending oversight across post-trade infrastructure before these institutions can serve clients safely.
Digital depositories would maintain accounts and collect information on account holders, system participants and recorded assets, operating according to principles used by traditional securities depositories. The Bank of Russia would keep the official register of authorized entities, while the draft undergoes regulatory impact assessment. The framework ties crypto market infrastructure to familiar securities-market controls. It follows legislation passed by the State Duma that would permit regulated retail crypto trading while preserving the domestic payments ban. If enacted, that broader law is expected to take effect in September, making implementation the next test across the country.
