- Russia outlines rules for exchanges, custody and crypto settlements under oversight.
- Sberbank plans Bitcoin wallets and custody services ahead of market launch.
- Draft framework boosts transparency as Russia prepares regulated crypto trading.
Russia’s central bank has published draft rules for the country’s first regulated cryptocurrency market, outlining how exchanges, digital asset custodians and settlement providers would operate under official oversight.
The proposals, released by the Bank of Russia, come shortly after the State Duma advanced legislation that could allow organized crypto trading as early as September while keeping the country’s ban on using cryptocurrencies for domestic payments.
Under the draft framework, exchanges would set their own trading rules and publish market and benchmark prices for the digital assets listed on their platforms.The measures are intended to bring greater transparency to Russia’s crypto sector and expand regulatory control as authorities move toward creating a formal market for digital assets and digital rights.
Draft Rules Define Role of Digital Depositories
The draft rules also set out how digital depositories would operate in Russia’s regulated crypto market. Similar to traditional securities depositories, these institutions would keep official records of cryptocurrency ownership and digital rights, maintain digital accounts and oversee access to the system under a common set of regulatory standards.
The Bank of Russia proposed minimum capital requirements ranging from ₽50 million to ₽250 million, depending on the services a depository provides. Firms that support public blockchain networks or handle post-trade settlement would be subject to different capital thresholds. The regulator also said the required capital should consist of liquid, high-quality assets to help ensure financial stability.
Under the proposals, operators of electronic platforms would settle digital financial asset transactions through nominal accounts, while the Bank of Russia would maintain the official register of licensed digital depositories. The draft regulations will now undergo a regulatory impact assessment before they can be finalized.
Sberbank Expands Crypto Infrastructure
The regulations build on legislation approved by the State Duma earlier this month that would establish the legal framework for Russia’s regulated cryptocurrency market. If enacted, the law could take effect as early as September while preserving the country’s ban on using cryptocurrencies for domestic payments.
Russia’s largest lender, Sberbank, is also preparing for the new market. According to Interfax, the bank plans to launch Bitcoin and cryptocurrency wallets, digital asset custody services and a digital depository by December.
The depository would record ownership rights, process off-blockchain transactions and handle wallet transfers on behalf of clients, adding to the infrastructure being developed for Russia’s regulated crypto market.
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