Russia’s Draft Regulations to Establish Organized Crypto Trading

Russia’s Central bank has published new draft regulations to establish organized crypto trading, according to a press release Monday. The Bank of Russia released the changes to its “organized trading” rules, including the term “digital currency” throughout.

Per the Russian Central Bank, each exchange will set out the trading mode in its rules as well as calculate the market and weighted average prices for these instruments. In addition to the new crypto rules, the regulator has developed requirements for digital depositories. These new market participants, which will keep records of cryptocurrencies and digital rights, should have minimum equity of ₽50 million–₽250 million.

Russia has embraced the crypto industry in the last year, with private banks in the country beginning to offer crypto services. The move to legalize crypto trading would be a big change of tune for Russia, which had previously ruled Bitcoin and ETH as not real forms of currency. With the change of tune, Russia has quickly established itself as a premier crypto market in Eastern Europe, while offering a potential workaround to Western banking restrictions.

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