- Russia published its first draft rules for regulated crypto trading.
- New licensing requirements would apply to exchanges and digital depositories.
- The framework could take effect alongside Russia's crypto law in September.
Russia's central bank has published draft regulations that would establish the country's first legal framework for organized cryptocurrency trading.
Under the proposal, crypto exchanges would be responsible for setting their own trading procedures while calculating official market prices for digital assets traded on their platforms.
The draft also introduces licensed digital depositories that would record ownership of cryptocurrencies and digital assets. Depending on their services, these firms would need between $640,000 and $3.2 million in capital while meeting strict liquidity requirements.
The proposed rules also establish standards for maintaining digital accounts, recording ownership, and collecting information on account holders and transactions.
The framework follows Russia's recently approved crypto market bill, which would legalize regulated retail crypto trading while continuing to prohibit cryptocurrencies as a means of domestic payment. If approved, the legislation is expected to take effect in September.
