Russia's central bank has released comprehensive draft regulations for cryptocurrency exchanges, digital asset depositories, and market registration ahead of the country's regulated crypto market launch on September 1, 2026. According to the Bank of Russia, these proposals establish the operating framework for digital currency platforms that will function under the new legal framework. The regulations complement the recently adopted federal law "On Digital Currency and Digital Rights," which passed the State Duma on July 21 and was approved by the Federation Council on July 24. The draft rules cover exchange trading, custody, record-keeping, and disclosure, extending existing securities market rules into the digital asset sector. The proposals are not yet final and have been published for public regulatory impact assessment before the September deadline.
Under the proposed framework, cryptocurrency exchanges will be allowed to establish their own trading procedures while independently calculating market prices and weighted average values for digital assets listed on their platforms. Digital depositories, a newly defined category of institutions responsible for maintaining cryptocurrency holdings and transaction records, must maintain minimum equity ranging from ₹50 million to ₹250 million ($640,860 to $2.8 million), depending on the services provided. The required capital would have to consist of liquid assets, with any financial assets included in the capital base needing to meet high credit-quality standards. As per the latest reports, settlement depositories face the highest capital threshold of ₹250 million ($2.8 million), while firms managing crypto wallet addresses or holding customer assets through foreign custodians require ₹100 million ($1.1 million) in capital. Other digital depositories must maintain at least ₹50 million ($570,000) in capital. The central bank aims to build a structured framework that aligns digital asset infrastructure with traditional securities standards to boost market transparency, investor protection and operational stability.
Retail participation will continue to face significant restrictions under the digital currency law. Non-qualified investors will only be permitted to purchase the most liquid and highly capitalized cryptocurrencies, including Bitcoin, Ethereum and Tether's USDT, through regulated intermediaries. The latest regulatory framework limits annual purchases to approximately ₹3.2 lakh ($4,000) for eligible retail participants, down from earlier versions that set an annual limit of ₹2.4 lakh ($300,000). Qualified investors will have access to a wider range of products under separate rules. The capital thresholds may favor established financial companies and larger crypto businesses over smaller platforms, while recordkeeping provisions could make anonymous or lightly supervised trading difficult within the organized market. For investors, the framework could reduce some custody and operational risks by requiring registered entities to hold liquid capital and maintain formal asset records.
Several Russian financial institutions have begun preparing products for the regulated market. Sberbank announced plans to launch cryptocurrency wallet and custody services after the framework becomes effective. VTB, T-Bank and Alfa-Bank have also announced work on digital asset custody infrastructure, while Moscow Exchange has expressed interest in launching regulated cryptocurrency services. Russia's Finance Ministry previously estimated that domestic cryptocurrency trading reaches approximately ₹400 crore ($640 million) daily, with much of the activity occurring outside regulated financial channels. The proposals could create a regulated route into the Russian market for operators able to meet the central bank's financial and operational standards, though exchanges would face costs related to capital reserves, internal rulebooks, pricing systems, customer records and regulatory reporting.
While cryptocurrencies remain prohibited for ordinary domestic payments, the legislation allows approved digital assets to be used in certain cross-border transactions. Russian authorities have already tested cryptocurrency settlements for international trade under an experimental legal regime. The regulated framework is designed to provide companies conducting foreign business with a legal route to use digital assets within approved conditions. Some technical provisions in the central bank's regulations will only become effective during the second half of 2027, with a transition period allowing exchanges and other financial institutions to complete registration and bring their systems into compliance. The full framework is expected to take effect in September 2026, with the central bank maintaining registers of crypto exchange operators and companies that issue digital financial assets.
