Russia's central bank has proposed operating rules for cryptocurrency exchanges, digital depositories and digital currency accounts ahead of the Sept. 1 rollout of the country's regulated crypto market. The draft sets minimum equity of 50 million to 250 million rubles for depositories and lets exchanges establish their own trading procedures. All the drafts are out for public review before they are finalized.
The Bank of Russia has published draft regulations that establish the operating framework for cryptocurrency exchanges, digital depositories and digital currency account providers under the country's new digital currency law, which is scheduled to take effect on Sept. 1. The proposals, published for regulatory impact assessment, complement the recently adopted federal law "On Digital Currency and Digital Rights."
That law passed the State Duma earlier this month and is awaiting approval from the Federation Council before President Vladimir Putin signs it. It forms the legal foundation for Russia's regulated cryptocurrency market and places the central bank at the center of oversight.
Capital rules land on a new class of depository
Digital depositories are a newly defined category of institutions responsible for maintaining records of cryptocurrency holdings and transactions. They will need minimum equity ranging from 50 million to 250 million rubles, or about $600,000 to $3 million, depending on the services they provide, and the regulator said that capital must remain liquid and consist of financial assets with high credit quality.
Institutions working with open distributed ledger systems or offering post-trade settlement services will face different capital requirements. Exchanges, by contrast, will be allowed to set their own trading procedures while independently calculating market prices and weighted average values for the digital assets listed on their platforms.
Registration powers move to the central bank
One of the drafts formally authorizes the Bank of Russia to establish and maintain official registers for cryptocurrency market participants. The system will cover operators of platforms used to issue, store and trade cryptocurrencies, as well as digital currency exchange organizations and digital depositories.
Several Russian financial institutions have meanwhile started preparing products for the regulated market. Sberbank said earlier this month that it plans to launch cryptocurrency wallet and custody services after the framework becomes effective, and VTB, T-Bank and Alfa-Bank have announced work on digital asset custody infrastructure.
Retail access stays capped
Non-qualified investors will only be permitted to purchase the most liquid and highly capitalized cryptocurrencies, including Bitcoin, Ethereum and Tether's USDT, through regulated intermediaries. The latest regulatory framework limits annual purchases to about $4,000 for eligible retail participants, where earlier versions of the legislation set an annual limit of 300,000 rubles.
Cryptocurrencies remain prohibited for ordinary domestic payments, yet the legislation allows approved digital assets to be used in certain cross-border transactions. Russia's Finance Ministry has previously estimated domestic cryptocurrency trading at roughly 50 billion rubles, or about $640 million, each day, with much of that activity occurring outside regulated financial channels.
Some technical provisions in the central bank's regulations will only become effective during the second half of 2027.
Sources: Bank of Russia, crypto.news
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