Russia unveils rules for crypto exchanges and custodians

Russia’s monetary authority has proposed additional regulations for cryptocurrency exchanges as well as requirements for digital-asset depositories operating in the country.

The specific rules, which also cover the registration of such platforms, will complement the recently adopted “digital currency” law, which is set to enter into force in September.

Bank of Russia drafts regulations for new crypto market

The Central Bank of Russia (CBR) has published draft rules necessary for the upcoming launch of the nation’s regulated cryptocurrency market.

The substatutory provisions concern key participants in the business such as providers of crypto exchange and storage services as well as coin issuers.

In a press release posted on its website, the regulator stated it has now “created conditions for organized trading in digital currencies and digital rights.”

Linking to the respective directive, which is yet to be finalized, the authority noted it will allow each crypto exchange to set out its own trading procedures.

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