Russia's central bank proposes crypto exchange rules

Russia's central bank has proposed a detailed regulatory framework for cryptocurrency exchanges and custodians, marking a significant step toward launching a regulated digital asset market scheduled to begin on September 1. The draft regulations, published for public review, establish capital requirements and operational standards for institutions that will operate under a new federal digital currency law.

The Bank of Russia's proposals create the conditions for organized trading in digital currencies and digital rights. Under the framework, cryptocurrency exchanges will be allowed to establish their own trading procedures through internal rulebooks while independently calculating market prices and weighted average values for listed assets. A newly defined category of institution, called digital depositories, will be responsible for maintaining records of cryptocurrency holdings and transactions.

These digital depositories will face tiered minimum equity requirements ranging from 50 million to 250 million rubles, or approximately $600,000 to $3 million, depending on the services they provide. Entities working with open distributed ledger systems or offering post-trade settlement...