- Russia’s Central Bank has published draft regulations to establish organized crypto trading, marking a major policy shift.
- The new rules include requirements for exchanges and digital depositories, the latter needing minimum equity of $275,000 to $2.75 million.
- Russia’s embrace of crypto provides a potential workaround to Western banking restrictions imposed since 2014.
Russia’s Central Bank has published new draft regulations to establish organized crypto trading, according to a press release Monday. The Bank of Russia released changes to its “organized trading” rules, formally incorporating the term “digital currency” throughout the document.
Under the proposal, each exchange will set out its trading mode and calculate market and weighted average prices for digital instruments. The regulator has also developed requirements for digital depositories, which will keep records of cryptocurrencies and digital rights.
These new market participants must maintain minimum equity ranging from $550,000 to $2.75 million, based on recent exchange rates. Russia has embraced the crypto industry in the last year, with private banks beginning to offer crypto services.
The move to legalize crypto trading represents a dramatic change of tune for Russia, which had previously ruled Bitcoin and ETH as not real forms of currency. Consequently, Russia has quickly established itself as a premier crypto market in Eastern Europe.
Furthermore, Russia’s pro-crypto moves have likely helped the country skirt international sanctions imposed by the U.S. and Europe. Western nations stepped up penalties after the 2022 invasion of Ukraine, and President Putin hinted at using Bitcoin specifically in December 2024.
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