Central Bank of Russia Establishes Rules for Cryptocurrency Trading
The Central Bank of Russia has unveiled new draft regulations for trading cryptocurrencies, signaling a move towards strict state-controlled oversight of the industry rather than simple legalization. The framework establishes a privileged, state-appointed exchange to control organized trading, dictate transaction rules, and set official asset prices.
A key element is the introduction of "digital depositories," which face prohibitively high capital requirements ranging from 50 to 250 million rubles. These funds must be held in highly liquid, top-tier credit-quality assets, effectively barring independent crypto startups and paving the way for major banking intermediaries. Similar high barriers are set for electronic platform operators handling settlements.
The regulations impose significant surveillance on an industry built on principles of privacy. Digital depositories are required to collect extensive client and asset information, functioning as overseers akin to those in the traditional securities market. The Central Bank retains exclusive authority to maintain the registry of authorized depositories.
Critics argue these rules transform the once-accessible crypto market into a closed, elite club. By creating a tightly regulated "legal arena," the central bank is seen as stripping away the very advantages—like accessibility and privacy—that originally attracted enthusiasts to the space.
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