How Do Russia’s New Crypto Exchange Trading Rules Work?

Russian exchanges can begin organized trading in digital currencies from Nov. 22, 10 days after the Bank of Russia published an ordinance amending its organized trading rules on Nov. 11. 

The regulator has made the start conditional, saying exchanges must first agree their crypto trading rules with it before opening a market.  

Bitcoin, Ether and USDT have been approved for non-qualified investors in a separate decision on Nov. 6. This allows exchanges to admit the three assets to public trading from Nov. 17. The Moscow Exchange has said it plans to start trading all three on Dec. 1, beginning with pilot transactions. 

Federal Law 282-FZ Has Set the Rules Since Sept. 1 

The new trading rules implement Federal Law No. 282-FZ, “On Digital Currencies and Digital Rights,” which President Vladimir Putin signed on Aug. 4 and whose main provisions took effect on Sept. 1. The law recognizes digital currency as property and requires digital depositories, crypto exchange organizations, and operators to be entered in registers kept by the Bank of Russia. 

It still prohibits using digital currencies as a means of payment inside Russia, law firm ALRUD noted, with exceptions that include foreign trade settlements and mining rewards.