Russian Central Bank Releases First Regulatory Draft for "Organized Trading" of Digital Assets

Odaily Planet Daily News: The Central Bank of Russia has released a regulatory draft for "organized trading" of digital assets and digital rights, aiming to set access and operational rules for crypto exchanges and digital custody institutions. The draft requires exchanges to determine trading procedures through their own rulebooks and to calculate market prices and volume-weighted average prices. It proposes the establishment of digital custodians responsible for bookkeeping, with registered capital requirements ranging from 50 million to 250 million rubles, and mandates that assets held must be highly liquid and of high credit quality. Electronic platform operators must also meet similar capital requirements and undertake the settlement function for nominal accounts of digital financial assets. The draft has entered the regulatory impact assessment phase, aligning with previously passed crypto market legislation. While continuing to prohibit the use of cryptocurrencies for domestic payments, it provides a framework for compliant retail trading.