Russia’s central bank publishes first draft rules for a crypto market launch

The Bank of Russia has published its first draft regulations for launching a crypto market in Russia, including rules for organized trading in digital currencies and digital rights. For PSPs and other high-risk payment operators, the key point is simple: if this framework survives in roughly this form, crypto activity in Russia moves from a gray operational problem to a licensed, rules-based one.

1. The draft includes the procedure for organized trading in digital currencies and digital rights, according to the regulator’s press service. The exchange will define the trading regime and calculate market and weighted average prices.
2. The Bank of Russia also set out requirements for digital custodians, which will keep records of cryptocurrencies and digital rights. Their minimum capital must be between 50 and 250 million rubles, depending on the activity model — for example, whether the entity plans to work with open distributed ledgers or handle post-trade settlement.
3. Similar capital requirements were proposed for operators of electronic platforms. The central bank also defined rules for recording digital currencies, the data set on depositors and users with system access, the assets being recorded, and the rules for maintaining digital accounts.
4. The regulator said a digital custodian will, in practice, operate on the same principles as a securities market depository. That matters because it signals familiar compliance logic: segregation, recordkeeping, and controlled settlement infrastructure rather than the free-for-all many operators would prefer.
5. On 21 July, the State Duma adopted a law regulating the crypto market. Under that law, digital currencies will not be accepted as payment for goods and services inside the country, and all transactions will go through licensed intermediaries connected to trading organizers, including exchanges and OTC venues. The law comes into force on 1 September.

The broader context is worth noting for anyone watching Russia as a payments market: the Bank of Russia had previously pushed for a full ban on cryptocurrencies, including investment and the use of Russian infrastructure for crypto operations. The new draft rules point to a controlled market structure instead, with licensed intermediaries, custodians, and electronic platforms sitting in the middle.