Hassan Maishera
TL;DR
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The Bank of Russia has released draft regulations governing cryptocurrency custody and digital asset infrastructure.
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The proposals introduce minimum capital requirements of 50 million to 250 million rubles for digital depositories, depending on their activities.
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The framework would extend securities market rules to cryptocurrency trading, custody, record-keeping and disclosures.
The Bank of Russia has published its first draft regulations for the country's emerging cryptocurrency framework, outlining capital requirements and operational standards for companies that hold, record and settle digital assets.
The proposals are part of Russia's broader effort to establish a regulated digital asset market and would apply existing oversight standards from the country's securities industry to cryptocurrency-related businesses.
Draft Rules Introduce Regulated Digital Depositories
A key feature of the proposal is the creation of digital depositories—licensed entities responsible for recording ownership of cryptocurrencies and other digital assets.
Under the draft framework, these companies would be required to maintain minimum capital ranging from 50 million rubles ($570,000) to 250 million rubles ($2.8 million), depending on the services they provide.
Settlement depositories would face the highest capital threshold of 250 million rubles, while firms that manage crypto wallet addresses or hold customer assets through foreign custodians would be required to maintain 100 million rubles ($1.1 million) in capital. Other digital depositories would need at least 50 million rubles ($570,000).
The proposed regulations would apply many of the same rules that govern Russia's traditional securities markets to digital assets.
These include requirements covering exchange trading, custody services, record-keeping, settlement procedures and disclosure obligations.
The central bank also said that assets used to satisfy capital requirements must be sufficiently liquid, while eligible financial assets must meet its credit-quality standards.
The requirements would additionally apply to operators of electronic platforms that facilitate settlements involving digital financial assets.
Central Bank to Oversee Crypto Market Participants
As part of the framework, the Bank of Russia plans to establish official registers for digital depositories, cryptocurrency exchange operators and companies that issue digital financial assets.
The registry system is intended to strengthen regulatory oversight while providing a clearer legal structure for businesses operating within Russia's digital asset ecosystem.
The draft rules build on Russia's digital assets legislation, which was adopted by the State Duma on July 21 and approved by the Federation Council on July 24.
The broader cryptocurrency framework is scheduled to come into force in September, although the central bank's latest proposals remain in draft form and have been released for public consultation before they are finalized.
The publication of the draft regulations comes just days after the European Union announced its 21st sanctions package, which targeted 14 cryptocurrency firms, including A7, a stablecoin network reportedly valued at $120 billion.
