Russia Unveils Draft Law to Regulate Cryptocurrency Trading

The Russian government has released a draft law aimed at regulating cryptocurrency trading within the country. According to the proposed regulations, only licensed exchanges and trading systems would be allowed to conduct transactions.

These licensed operators include eight entities: Moscow Exchange, St. Petersburg Stock Exchange, St. Petersburg Currency Exchange, and others. The rules also specify that unlicensed operators, known as 'exchange organizations,' must register with a special registry maintained by the Central Bank of Russia (CBR).

The CBR would require exchange organizations to meet certain requirements, including maintaining a minimum capital level and sufficient reserves.