A crypto depository for the storage and accounting of digital assets may appear in the infrastructure of the Russian financial market: the Moscow Exchange has begun preparing a separate solution through which private investors will be able to hold cryptocurrency without independently managing wallet keys.
How the New Crypto Depository Will Be Organized
The project is planned not as part of the trading platform itself and not as a division of the National Settlement Depository. It is a separate structure that will be responsible for the accounting and storage of cryptocurrency for clients of professional market participants.
According to brokerage market participants, the parameters of the future system are still being discussed. One of the basic options involves the creation of several liquidity centers: on the side of the Moscow Exchange, as well as within large banking and financial groups.
Several connection scenarios may be opened for brokers. Some participants will be able to work through the Moscow Exchange’s depository infrastructure. Large players will have the opportunity to develop their own solutions for the storage and accounting of crypto assets, but this model will require costs in several areas at once:
- Technology costs.
- Security costs.
- Costs for meeting regulatory requirements.
What Will Change for Brokers and Clients
In the Moscow Exchange depository, an anonymous account is planned to be opened for each broker’s client. In essence, it will correspond to the wallet address where the digital assets of a particular investor are reflected.
Some professional participants may limit themselves to trading cryptocurrency within their own depositories, not connected to the Moscow Exchange infrastructure. Others will be able to choose a mixed model: trades will take place on the exchange, while asset accounting and storage will remain on the side of the bank or broker.
This scheme gives the market more flexibility. Participants will be able to determine for themselves how exactly to integrate into the new infrastructure, and private investors will eventually gain access to cryptocurrencies through familiar brokerage apps and accounts.
Quick Guide for Investors
A crypto asset is a digital asset that exists on a blockchain or other distributed system and can be transferred between network participants. Crypto assets usually include cryptocurrencies, stablecoins, project tokens, and NFTs.
A crypto depository is infrastructure for the storage, accounting, and servicing of clients’ crypto assets. Its main task is to relieve the investor from independently managing keys while maintaining a clear link between assets and the client account.
The main services of a crypto depository usually boil down to several functions:
- Storage of clients’ crypto assets.
- Asset accounting by client accounts.
- Confirmation of rights to assets.
- Execution of transactions on behalf of the client or broker.
- Access control to wallets and transactions.
Security in this model relies not only on technology but also on the organization of processes. To protect assets, separation of access rights, multi-step transaction confirmation, software verification, employee action audits, and access recovery procedures are used.
Obtaining a license for such activities is usually not easy: the participant needs to confirm legal status, describe the asset storage model, show information disclosure rules for clients, prove the reliability of the software, and implement measures against abuse.
Cryptocurrency can be used for settlements, but strictly speaking, it is often not considered a currency: it does not have the status of legal tender, a single issuer, or a stable link to the state’s monetary system.
The debate over whether cryptocurrency is a bubble depends on the specific asset. Skeptics point to sharp price swings and speculative demand, while supporters point to the technology, limited issuance of certain assets, and growing blockchain adoption.
Blockchain is used not only in cryptocurrencies. It is used for rights accounting, supply chain tracking, digital identification, document record storage, and automating transactions via smart contracts.
Which Parameters Still Need to Be Defined
The list of cryptocurrencies, fees, investor requirements, and asset protection mechanisms have not yet been disclosed. The final configuration will depend on future Russian crypto market rules and the position of the Bank of Russia.
The issue of regulation becomes key here. For comparison, in Uzbekistan, the crypto sphere is linked to a separate supervisory circuit: the National Agency for Prospective Projects of the Republic of Uzbekistan, also known as NAPP, is responsible for approaches to the digital asset market. The turnover of crypto assets there is considered through participant licensing, status determination, and risk control.
In Uzbekistan, NAPP is responsible for approaches to the digital asset market: licensing, participant status, and risk control.
The Russian model will also have to define key rules for market participants:
- Issuing licenses for participants.
- Requirements for legal entities.
- Information disclosed to clients.
- Permissible software for asset storage.
- Security of operations.
- Measures against abuse.
- Risks related to terrorism financing.
In Uzbekistan, specialized regulation is often associated with decisions approved by the President of Uzbekistan, as well as with the agency’s powers: the National Agency for Prospective Projects and its structures set the framework for market participants. For Russia, the same general principle is important — crypto infrastructure should be understandable for investors and acceptable for the regulator.
When the Launch May Take Place
The launch of the Moscow Exchange digital depository is expected at the end of 2026 or the beginning of 2027. If the project is brought to launch, it could become one of the central parts of Russia’s legal cryptocurrency infrastructure.
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