Russia unveils draft rules for crypto exchanges and digital depositories

Russia’s central bank has proposed detailed rules for cryptocurrency exchanges, digital asset depositories and market registration ahead of the country’s regulated crypto market launch in September. Summary Russia’s central bank has proposed operating rules for cryptocurrency exchanges, depositories and digital currency accounts ahead of the Sept. 1 rollout. The draft regulations set capital requirements for digital depositories and give exchanges flexibility to establish their own trading procedures. The Bank of Russia will maintain official registers for licensed crypto market participants under the new legal framework. Retail investors will continue to face limits on cryptocurrency purchases while approved digital assets can be used for certain cross border transactions. The proposals have been released for public review before the regulations are finalized. According to the Bank of Russia, the draft regulations establish the operating framework for cryptocurrency exchanges, digital depositories and digital currency account providers that will function under the country’s new digital currency law, which is scheduled to take effect on Sept. 1. The proposals, published for regulat...