TLDR
- Bank of Russia proposed organized crypto trading rules covering price calculation, disclosures, and trading suspensions.
- Digital depositories would record crypto ownership under central bank supervision through an official national registry.
- Capital requirements range from ₽50 million to ₽250 million depending on custody and settlement activities.
- Russia’s crypto law allows cross-border commercial use while keeping domestic digital asset payments banned nationwide.
- Russia’s framework starts Sept. 1, 2026, with full crypto compliance required by July 2027.
Russia’s central bank has proposed new crypto trading and custody rules as the country builds a regulated digital asset market. The draft sets capital standards, creates digital depository oversight, and keeps crypto limited to approved cross-border commercial transactions under supervision.
Bank of Russia Sets Crypto Trading Framework
The Bank of Russia proposed amendments that would bring cryptocurrencies and digital rights into its organized trading framework. Trading platforms would calculate market prices and weighted-average prices for digital assets.
The rules would also require platforms to disclose trading information and provide market data to the central bank. The proposal adds procedures for suspending digital asset trading when required.
The draft follows Russia’s broader crypto regulation law, which creates legal rules for exchanges, brokers, and custodians. Most provisions are set to take effect from Sept. 1, 2026, with full compliance required by July 2027.
Russia treats crypto as property, not legal tender. The ruble remains the only lawful currency for domestic payments, while crypto use remains limited to approved cross-border commercial transactions.
Digital Depositories Face Capital Rules
The proposal creates digital depositories as a regulated financial institution category. These firms would record ownership of cryptocurrencies and digital rights under central bank supervision.
The Bank of Russia would maintain an official registry of digital depositories. The regulator said these firms would operate under principles similar to securities depositories.
Depending on business activity, digital depositories may need minimum equity between ₽50 million and ₽250 million. The requirements would apply to firms handling public blockchain operations or post-trade settlement.
The equity must consist of liquid, high-credit-quality assets. Similar financial standards would apply to electronic platform operators settling digital financial asset transactions.
The draft rules also cover digital asset recordkeeping, customer information, account management, and access controls. All proposals are open for public consultation under the regulatory review process.
Cross-Border Use and Market Backdrop
Russia’s crypto framework allows digital assets for foreign trade settlement but keeps domestic crypto payments banned. The structure targets cross-border commerce, especially after payment restrictions linked to 2022 sanctions.
Trade partners such as China and Turkey may become early users of the framework. The rules also aim to place crypto service providers under clearer licensing and oversight standards.
The Bank of Russia proposals arrive as other regulators also update crypto agendas. The U.S. Securities and Exchange Commission listed crypto assets, crypto broker-dealers, and market structure changes in its 2026 rule agenda.
For Russia, the draft rules mark another step toward regulated digital asset trading and custody. The central bank will now review public feedback before finalizing the framework.
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