Russia unveils draft rules for crypto exchanges and digital depositories

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.

According 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.

The 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. 

The legislation forms the legal foundation for Russia’s regulated cryptocurrency market and places the central bank at the center of oversight.

Bank of Russia sets operating standards for crypto platforms

In 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.

Under 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.

A separate instruction introduces requirements for digital depositories, a newly defined category of institutions responsible for maintaining records of cryptocurrency holdings and transactions.

According 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.

The regulator also said the capital backing those businesses must remain liquid and consist of financial assets with high credit quality.

Alongside 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.

Crypto registration powers move to the central bank

One of the draft regulations formally authorizes the Bank of Russia to establish and maintain official registers for cryptocurrency market participants.

According 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.

Russia’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.

The 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.

Transition period extends into 2027

Although 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.

The 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.

Several 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.

Russia’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.

Investor access remains limited under the new framework

Retail participation will continue to face restrictions under the digital currency law.

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. 

Earlier 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.

Qualified investors will be permitted to access a wider range of products under separate rules.

While cryptocurrencies remain prohibited for ordinary domestic payments, the legislation allows approved digital assets to be used in certain cross-border transactions. 

Russian 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.

The 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.