Russia unveils draft rules for crypto exchanges and digital depositories

cryptonews

Jul 29

Russia’s central bank has proposed detailed rules for cryptocurrency exchanges, digital asset depositories and market registration ahead of the country’s regulated crypto market launch in September. ...

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asset depositories and market registration ahead of the country’s regulated crypto market launch in September.\n\n...</p>\n\n<a href=\"https://crypto.news/russia-unveils-draft-rules-for-crypto-exchanges-and-digital-depositories/\">Source Link</a>\n\n</div>\n","source":"crypto_news_highlight","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Russia unveils draft rules for crypto exchanges and digital depositories</title>\n<style 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regulated crypto market launch in September.\n\n...</p>\n\n<a href=\"https://crypto.news/russia-unveils-draft-rules-for-crypto-exchanges-and-digital-depositories/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"DAPP","symbol_name":"VanEck Digital Transformation ETF","start_time":0,"source_url":"https://crypto.news/russia-unveils-draft-rules-for-crypto-exchanges-and-digital-depositories/","article_id":"2655867428","we_media_id":null,"thumbnails":[],"rights":{"source":"crypto_news_highlight","url":"https://crypto.news/russia-unveils-draft-rules-for-crypto-exchanges-and-digital-depositories/","rn_cache_url":null,"directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2655867428","pubTimestamp":1785326326,"columns":[],"sourceInfo":{"source_id":"crypto_news_highlight","name":"Crypto News"},"weMediaInfo":null,"summary":"Russia’s central bank has proposed detailed rules for cryptocurrency exchanges, digital asset depositories and market registration ahead of the country’s regulated crypto market launch in September.Russia’s central bank has proposed operating rules for cryptocurrency exchanges, depositories and digital currency accounts ahead of the Sept. 1 rollout.The draft regulations set capital requirements for digital depositories and give exchanges flexibility to establish their own trading procedures.The Bank of Russia will maintain official registers for licensed crypto market participants under the new legal framework.Retail investors will continue to face limits on cryptocurrency purchases while approved digital assets can be used for certain cross border transactions.The proposals have been released for public review before the regulations are finalized.According to the Bank of Russia, the draft regulations establish the operating framework for cryptocurrency exchanges, digital depositories ","collect":0,"end_time":0,"defaultTopTitle":"crypto.news","property":[],"viewcount":null,"language":"en","relate_stocks":{"DAPP":"VanEck Digital Transformation ETF","BKCH":"AdvisorShares Sabretooth ETF","BITQ":"Bitwise Crypto Industry Innovators ETF","STCE":"Schwab Crypto Thematic ETF","TEKX":"SPDR Galaxy Transformative Tech Accelerators ETF","NCIQ":"HASHDEX NASDAQ CRYPTO INDEX US ETF","BITW":"Bitwise 10 Crypto Index ETF","CRPT":"First Trust SkyBridge Crypto Industry and Digital Economy ETF","HECO":"SPDR Galaxy Hedged Digital Asset Ecosystem ETF","IBIT":"比特币ETF-iShares","BLOK":"Amplify Transformational Data Sharing ETF","GDLC":"Grayscale CoinDesk Crypto 5 ETF","DIME":"CoinShares Altcoins ETF","LFGY":"YieldMax Crypto Industry and Tech Portfolio Option Income ETF"},"translate_title":"俄罗斯公布加密货币交易所和数字存管机构规则草案","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"CRPT":1.5,"GDLC":1.5,"LFGY":1.5,"TEKX":1.5,"IBIT":0.6,"BITQ":1.5,"DIME":1.5,"HECO":0.9,"BLOK":0.9,"NCIQ":1.5,"DAPP":1.5,"BKCH":1.5,"BITW":1.5,"STCE":1.5},"content_text":"Russia’s central bank has proposed detailed rules for cryptocurrency exchanges, digital asset depositories and market registration ahead of the country’s regulated crypto market launch in September.\n\n\nSummary\n\n\n\nRussia’s central bank has proposed operating rules for cryptocurrency exchanges, depositories and digital currency accounts ahead of the Sept. 1 rollout.\nThe draft regulations set capital requirements for digital depositories and give exchanges flexibility to establish their own trading procedures.\nThe Bank of Russia will maintain official registers for licensed crypto market participants under the new legal framework.\nRetail investors will continue to face limits on cryptocurrency purchases while approved digital assets can be used for certain cross border transactions.\nThe proposals have been released for public review before the regulations are finalized.\n\n\n\nAccording to the Bank of Russia, the draft regulations establish the operating framework for cryptocurrency exchanges, digital depositories and digital currency account providers that will function under the country’s new digital currency law, which is scheduled to take effect on Sept. 1.\nThe proposals, published for regulatory impact assessment, complement the recently adopted federal law “On Digital Currency and Digital Rights,” which passed the State Duma earlier this month and is awaiting approval from the Federation Council before being signed into law by President Vladimir Putin. \nThe legislation forms the legal foundation for Russia’s regulated cryptocurrency market and places the central bank at the center of oversight.\nBank of Russia sets operating standards for crypto platforms\nIn a statement announcing the draft regulations, the Bank of Russia said it has created the conditions for organized trading in digital currencies and digital rights. The package includes rules covering cryptocurrency exchanges, digital asset issuers, digital depositories and digital currency accounts.\nUnder the proposed framework, cryptocurrency exchanges will be allowed to establish their own trading procedures while independently calculating market prices and weighted average values for the digital assets listed on their platforms.\nA separate instruction introduces requirements for digital depositories, a newly defined category of institutions responsible for maintaining records of cryptocurrency holdings and transactions.\nAccording to the central bank, digital depositories 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. Institutions working with open distributed ledger systems or offering post-trade settlement services will face different capital requirements.\nThe regulator also said the capital backing those businesses must remain liquid and consist of financial assets with high credit quality.\nAlongside exchange and custody rules, the proposals establish procedures for opening and maintaining digital currency accounts that licensed market participants will use once the new regulatory framework becomes operational.\nCrypto registration powers move to the central bank\nOne of the draft regulations formally authorizes the Bank of Russia to establish and maintain official registers for cryptocurrency market participants.\nAccording to the regulator, the registration system will cover operators of platforms used to issue, store, and trade cryptocurrencies, as well as digital currency exchange organizations and digital depositories operating under the requirements of the federal law.\nRussia’s lower house of parliament approved the digital currency legislation in its second and third readings on July 21 after lawmakers revised several provisions during the legislative process. Earlier committee revisions removed a proposal that would have required cryptocurrency holders to disclose wallet addresses. Instead, users will report balances and transaction volumes, while certain large transfers abroad or to third parties may still face delays of up to 48 hours under the new framework.\nThe legislation also classifies cryptocurrencies as property for legal purposes while continuing to prohibit their use for domestic payments, leaving the ruble as Russia’s official payment instrument inside the country.\nTransition period extends into 2027\nAlthough the main legal framework is expected to begin taking effect on Sept. 1, some technical provisions contained in the central bank’s regulations will only become effective during the second half of 2027.\nThe law also provides a transition period allowing exchanges, brokers, management companies, clearing organizations and other financial institutions to complete registration, secure approvals and bring their internal systems into compliance before full implementation.\nSeveral Russian financial institutions have already started preparing products for the regulated market. Earlier this month, Sberbank said it plans to launch cryptocurrency wallet and custody services after the framework becomes effective. VTB, T-Bank and Alfa-Bank have also announced work on digital asset custody infrastructure, while Moscow Exchange has expressed interest in launching regulated cryptocurrency services.\nRussia’s Finance Ministry has previously estimated that domestic cryptocurrency trading reaches roughly 50 billion rubles, or about $640 million, each day, with much of the activity occurring outside regulated financial channels. The new framework is intended to bring trading, custody and related services under licensed supervision.\nInvestor access remains limited under the new framework\nRetail participation will continue to face restrictions under the digital currency law.\nNon-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. \nEarlier versions of the legislation set an annual purchase limit of 300,000 rubles for non-qualified investors, while the latest regulatory framework limits annual purchases to about $4,000 for eligible retail participants.\nQualified investors will be permitted to access a wider range of products under separate rules.\nWhile cryptocurrencies remain prohibited for ordinary domestic payments, the legislation allows approved digital assets to be used in certain cross-border transactions. \nRussian authorities have already tested cryptocurrency settlements for international trade under an experimental legal regime, and lawmakers previously said the regulated framework is designed to give companies conducting foreign business a legal route to use digital assets within approved conditions.\nThe Bank of Russia said all draft regulations have been published for public review as part of the regulatory impact assessment process before they are finalized.\n\n\n\n\n\n                Read more:\n            \n\n                Can Bitcoin price break $65K after the Fed decision?","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"}}}