The Bank of Russia has published its first draft rules for the country’s incoming cryptocurrency regulations, including capital requirements for companies that hold and record digital assets.
The proposals extend systems already used in Russia’s securities markets, covering exchange trading, custody, record-keeping and disclosure, to digital assets.
Digital depositories
The framework would create regulated “digital depositories” tasked with recording holdings of cryptocurrencies and other digital assets.
These firms would need between 50 million rubles ($570,000) and 250 million rubles ($2.8 million) in capital, depending on the services they offer.
Settlement depositories face the top tier at 250 million rubles.
The requirement drops to 100 million rubles ($1.1 million) for firms that control crypto addresses or hold assets with foreign custodians, and 50 million rubles for other digital depositories.
Liquidity standards
Assets counted toward these capital requirements must be liquid, while eligible financial assets must meet the central bank’s credit-quality standards.
The rules would also apply to operators of electronic platforms that settle transactions involving digital financial assets.
The central bank will maintain registers of digital depositories, crypto exchange operators and companies issuing digital financial assets.
Timing and sanctions backdrop
The regulations were drafted under a digital assets bill adopted by the State Duma on July 21 and approved by the Federation Council on July 24.
The full framework is scheduled to take effect by September, though the proposals remain in draft form and open for public assessment.
The announcement comes four days after the European Union unveiled its 21st sanctions package targeting 14 crypto firms, including A7, a $120 billion stablecoin network.
