Russia sets Sept. 1 crypto market rules

• The Bank of Russia has published draft rules for cryptocurrency exchanges and digital depositories.
• The rules introduce licensing, capital requirements and investor limits before the Sept. 1 launch.
• The Bank of Russia said the framework supports Russia's new digital currency law.

The Bank of Russia has released draft rules for cryptocurrency exchanges, digital depositories and digital currency accounts before Russia's regulated crypto market launches on Sept. 1.

The draft rules support Russia's new digital currency law, which passed the State Duma and is awaiting final approval before becoming law.

Digital depositories must hold 50 million to 250 million rubles in equity, while exchanges can set their own trading rules and calculate market prices.

The Bank of Russia said the draft rules will remain open for public review before they are finalised, while retail investors will continue to face purchase limits and approved cryptocurrencies can be used in some cross-border transactions.

The proposals also give the Bank of Russia responsibility for keeping official registers of licensed cryptocurrency exchanges, digital depositories and other market participants.

The rules include a transition period until 2027, giving financial institutions time to register and prepare services before the framework is fully implemented.