Bank of Russia publishes draft rules for regulated crypto trading, custody, and settlement

The Bank of Russia has unveiled a package of draft regulations designed to enable organized crypto trading and establish the regulatory infrastructure for Russia’s digital asset market, according to a recent announcement. The central bank has proposed amendments to its organized trading regulations that would bring cryptocurrencies and digital rights into the country’s regulated exchange framework. Under the draft, trading platforms would calculate market and weighted-average prices for digital assets, disclose trading information and provide data to the Bank of Russia. The amendments also introduce trading suspension procedures for digital assets. The proposed rules would also create digital depositories as a new regulated category of financial institution responsible for recording ownership of cryptocurrencies and digital rights. Depending on their business activities, including operations involving public blockchains or post-trade settlement, digital depositories would be required to maintain between ₽50 million and ₽250 million in minimum equity composed of liquid, high-credit-quality assets, according to the bank. Comparable financial requirements would also apply to electroni...