Daily Observation of Cryptocurrency Concept Stocks: The Central Bank of Russia Plans to Introduce New Regulations for Digital Asset Trading, Establishing High Threshold "Digital Custody Institutions"

Standardization of Trading Processes: Exchanges Must Establish Market Pricing with Their Own Rule Manuals

According to the latest draft regulations issued by the Central Bank of Russia, all platforms engaged in organized trading of digital assets and digital rights within Russia must completely abandon the previous extensive operational model.

The draft clearly stipulates that exchanges must develop and publish a rigorous set of their own rule manuals to establish a unified trading and clearing process. More critically, regulators require exchanges to possess the technical capability to calculate and publicly disclose the market price and weighted average price in real-time. This move aims to eliminate the space for price manipulation between different platforms, providing retail and institutional investors with a real, transparent, and penetrable pricing anchor.

Capital Entry Threshold: Establishing a Capital Barrier of 50 Million to 250 Million Rubles

To prevent systemic financial risks, the Central Bank of Russia has proposed in the draft the establishment of "Digital Custodians," which will be specifically responsible for accounting and rights confirmation, and has set extremely high entry barriers for them.

The proposal requires that the registered capital of such digital custodians must reach 50 million to 250 million rubles (approximately 630,000 to 3.15 million USD). Even more stringent, the draft particularly emphasizes that this capital must be composed entirely of high liquidity and high credit quality assets, and any financial assets included in the capital calculation must have good credit backing from top rating agencies, completely blocking the possibility of using low-quality collateral to offset the capital.

Platform Operator Transparency: Nominal Account Settlement and Full Process Information Preservation

The same capital and liquidity compliance standards will also apply to electronic platform operators within Russia.

The draft proposes that the settlement function of the platform will be performed by designated information system operators, and must execute the trading settlement of digital financial assets through "Nominal Accounts," achieving complete separation of the platform's own funds and customer assets. Additionally, this new proposal establishes extremely detailed information preservation requirements: including real-time registration of digital currencies and digital rights, maintenance of digital accounts, and mandatory collection and regular reporting of information on account holders, system participants, and recorded asset information, fully integrating with Russia's anti-money laundering (AML) and transparent regulatory system.

"Russian Reconstruction" of Sovereign Clearing Infrastructure

Considering the frequency of legislation in Russia in late July, from the previous DuPont passing the first comprehensive cryptocurrency bill to the current central bank issuing detailed trading and custody drafts, Russia is rapidly building a dual-track clearing system of "on-chain + traditional finance" that does not rely on the US and European SWIFT system and is completely independent. With the standardization of high-standard digital custodians and electronic platforms, Russia has not only eliminated gray cryptocurrency trading domestically but is also paving a sovereign channel for the future large-scale use of digital assets in cross-border trade settlement, characterized by high liquidity and high compliance.

Source: https://bbx.com/ Cryptocurrency Concept Stock Information Database, compiled based on announcements from global listed companies and SEC/TSE disclosure documents from last weekend.