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

The rules, which also cover registration for such platforms, are intended to complement the recently adopted “digital currency” law, which is scheduled to enter into force in September. Taken together, the measures would give Russia a more formal framework for exchange, custody, and recordkeeping functions that have so far been defined only in broad terms.

Bank of Russia drafts regulations for new crypto market

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

The substatutory provisions apply to key participants in the sector, including providers of crypto exchange and storage services, as well as coin issuers.

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

Linking to the respective directive, which has yet to be finalized, the authority said it will allow each crypto exchange to establish its own trading procedures.

These platforms will also be allowed to independently calculate market value and weighted average prices for the alternative financial instruments they trade.

In a separate document, the CBR set out requirements for digital depositories, a new type of organization that will keep records of cryptocurrency holdings and transactions.

Such entities should have minimum equity of between 50 million and 250 million rubles, or roughly $600,000 to $3 million, depending on the nature of their activities.

A key factor in determining the required capital will be whether they work with open distributed ledgers or provide post-trade settlement services, the bank said. It added:

“The assets making up the equity should be liquid, and the financial assets included therein should be of high credit quality.”

Russian regulators have also proposed rules for opening and maintaining digital currency accounts and other accounts to be used by industry participants.

“All draft regulations have been published for regulatory impact assessment,” the central bank said in its announcement.

Russia to register crypto market participants

The documents released by the monetary policy authority in Moscow will supplement the recently adopted law “On Digital Currency and Digital Rights.”

The delayed legislation, Russia’s first attempt at comprehensive crypto regulation, was passed by the lower house of parliament, the State Duma, earlier in July.

Bill No. 1194918-8 still requires approval from the Federation Council, the upper house, and President Putin’s signature before it becomes law. It is scheduled to take effect on September 1, 2026.

One of the main goals of the new directives is to confirm the Bank of Russia’s authority to register crypto market participants, according to a report by the official TASS news agency.

The CBR will be responsible for introducing the procedures for establishing and maintaining the relevant registers of operators of platforms used to issue, store, and trade cryptocurrencies.

“The Bank of Russia Instruction stipulated in the draft applies to operators operating in accordance with the requirements established by the Federal Law ‘On Digital Currencies and Digital Rights,’ digital currency exchange organizations, and digital depositories,” the documents say.

While the main part of the package will take effect this fall, some more specific provisions are scheduled to enter into force in the second half of next year.

Members of the Russian crypto industry, including brokers, management firms, and clearing houses, expect regulated activities to begin late this year, giving firms a limited window to prepare for registration, custody, and reporting rules before the framework is fully phased in.

They will have a transitional period until March 1, 2027, to fully comply with the regulations and obtain the necessary approvals.

The framework gives Russian citizens and companies legal access to cryptocurrencies, although non-qualified investors will be allowed to buy only the most liquid and capitalized assets such as Bitcoin (BTC), Ethereum (ETH), and Tether’s USDT, and their purchases will be subject to a $4,000 annual limit.