Bank of Russia starts taking applications from crypto exchanges

Russia has started the process of registering crypto exchanges. On October 5, the Bank of Russia began accepting applications from companies that want to be listed in its official registers, The Crypto Times and CryptoSlate reported.

Three kinds of business can apply: operators that exchange digital currencies, digital depositories that hold them in custody, and operators of the information systems used for digital financial rights. The process follows Federal Law No. 282-FZ of August 4, which came into force on September 1, according to The Crypto Times.

An exchange operator must have at least 15 million rubles of its own funds, The Crypto Times reported. The central bank has 30 working days to decide once it has the last required document. For digital depositories the period is 60 working days, according to CryptoSlate.

Access for ordinary investors is still some way off. Non-qualified investors will be able to buy up to 300,000 rubles of crypto a year through a single intermediary, after passing a knowledge test. Qualified investors face no cap. The list of coins open to the public has not been finalised. Bitcoin, ether and Tether's USDT have been proposed, CryptoSlate reported.

The first names could appear in the registers before the end of the year if applicants file complete paperwork quickly, according to The Crypto Times.