Russia is taking many significant steps as it prepares for a new era in the cryptocurrency sector. As is known, the State Duma, the lower house of parliament in Russia, recently approved a bi
Russia is taking many significant steps as it prepares for a new era in the cryptocurrency sector.
As is known, the State Duma, the lower house of parliament in Russia, recently approved a bill regulating Bitcoin and altcoins in its latest vote.
While this regulation continues to be widely discussed, the Central Bank of Russia has published draft rules that will create the first regulatory framework for the start of systemic cryptocurrency trading in the country.
According to the official statement, this draft, which is a continuation of the cryptocurrency market law expected to come into effect in September, clarifies how digital assets will be bought and sold in the country and sets basic rules for their storage.
Under the proposal, cryptocurrency custodians will be required to hold between 50 million and 250 million rubles (over $3 million) in equity capital and meet additional requirements for custody and record management.
According to the draft, cryptocurrency exchanges will define their own trading procedures and calculate weighted average prices for crypto assets traded on their platforms.
The Russian Central Bank has also added that it will keep a register of digital deposit institutions.
*This is not investment advice.
Continue Reading: A New Era Begins for Bitcoin and Altcoins in Russia: Central Bank Publishes Draft Rules!
