Russian Central Bank Releases Draft Regulations for First Digital Asset "Organized Trading"

On July 28, according to The Block, the Russian Central Bank released a draft regulation for "organized trading" of digital assets and digital rights, aiming to set entry and operational rules for crypto exchanges and digital custodians. The draft requires exchanges to determine trading processes through their own rulebooks and calculate market prices and weighted average prices. It proposes the establishment of digital custodians responsible for bookkeeping, with registered capital between 50 million and 250 million rubles, and requiring high liquidity and high credit quality assets. Electronic platform operators will also need to meet similar capital requirements and undertake the settlement function of nominal accounts for digital financial assets. The draft has entered the regulatory impact assessment phase, complementing the previously passed crypto market bill, and provides a framework for retail compliant trading while continuing to prohibit domestic payments with cryptocurrencies.