The new Russian law introduces digital depositories, which are organizations authorized to track digital rights and currencies, as well as manage access to identifier addresses. Only entities officially included in the digital depository registry are permitted to perform these activities.
Digital depositories provide services such as recording transactions, creating identifier addresses, and executing client instructions. They are also responsible for verifying the status of qualified investors and conducting mandatory testing for non-qualified individuals before granting access to certain digital assets.
The legislation establishes the role of settlement digital depositories, which handle settlements for transactions conducted on organized trading platforms. These entities must join a self-regulatory organization in the financial market within 90 days of their registration or status changes.
Digital depositories are liable for the accuracy of records and losses resulting from unauthorized actions. However, they are exempt from liability for losses caused by third-party foreign entities or actions taken by other operators as instructed by the client.
