Professional qualifications and eligibility requirements will be sought for board members and certain senior employees of companies. The Central Bank will evaluate the applications and decide whether or not to register the organization. Certain information about the registered companies will be published on the regulatory body’s website and updated as necessary.
A simplified application process has also been created for some companies already operating in the market. However, being an existing crypto company does not automatically grant official registration rights. Each organization must submit its documents and pass the Central Bank’s evaluation.
The entry into force of the rules does not mean that all investors in Russia can buy and sell Bitcoin, Ethereum, or other cryptocurrencies without limit starting today. The registration of exchanges and the types of assets individual investors can access and under what conditions are being handled as separate regulatory processes.
Therefore, October 5th marks the start of the application and verification system. It cannot yet be said that all applications have been approved or that a completely free cryptocurrency market has opened in the country.
*This is not investment advice.
