Russia lets crypto exchanges apply October 5 – but even Bitcoin lacks final retail clearance

Crypto exchange operators and digital depositories in Russia will be able to apply for entry into official registers from October 5, when new Bank of Russia admission rules take effect. The move gives firms a route into the regulated crypto market envisioned by a law that took effect in September. Each applicant still needs a separate regulator decision.In a September 24 notice, the Bank of Russia said the rules also cover operators of information systems used to issue digital financial rights. Its Russian regulation sets qualifications for managers and certain officers, lists documents applicants must submit and governs decisions on register entries. A firm seeking admission must document that it meets those requirements before the bank considers its entry. The published rule tells applicants what to provide and how the bank will make its decision. It does not grant a particular applicant the status it is seeking.How firms enter the marketThe bank's exchange-operator guidance says its electronic application form becomes available on October 5. Under the ordinary route, the regulator has 30 working days to decide after receiving the last required document. For a digital depository,...