CoinDesk
The Bank of Russia published its first draft regulations under a new digital assets law on Wednesday, proposing tiered capital requirements for "digital depositories" that would record cryptocurrency and other digital asset holdings inside the country. Settlement depositories would need to hold 250 million rubles ($2.8 million) in liquid capital, firms controlling crypto addresses or holding assets with foreign custodians would need 100 million rubles ($1.1 million), and other digital depositories would need 50 million rubles ($570,000).
The framework extends systems already used in Russia's securities markets, including exchange trading, custody, record-keeping and disclosure rules, to digital assets. The central bank will also maintain registers of digital depositories, crypto exchange operators and issuers of digital financial assets. Capital counted toward the requirements must be liquid, and eligible financial assets must meet the central bank's credit-quality standards.
Why it matters
The rules sit inside a digital assets bill adopted by the State Duma on July 21 and approved by the Federation Council on July 24, with full implementation scheduled by September. Moscow is choosing to fold crypto activity into its existing securities regulator architecture rather than tolerate offshore corridors, which has direct implications for any platform serving Russian users through foreign entities. The draft lands four days after the European Union's 21st sanctions package targeted 14 crypto firms linked to Russia, including stablecoin network A7.
Market impact
The capital thresholds are low by international exchange standards but high enough to push out informal operators and force consolidation around regulated Russian entities. Tiering the requirement by service type means pure custody players face a lighter load than settlement venues, while the credit-quality gate on eligible assets keeps the buffer in bank-grade instruments. Watch for the public assessment window to draw industry comment on whether 50 million rubles clears the bar for non-custodial wallet providers, and whether the September effective date holds.
Frequently asked questions
-
What capital must Russian digital depositories hold under the draft rules?
Settlement depositories would need 250 million rubles ($2.8 million) in liquid capital, firms controlling crypto addresses or holding assets with foreign custodians would need 100 million rubles ($1.1 million), and other digital depositories would need 50 million rubles ($570,000).
-
When does Russia's new crypto framework take effect?
Full implementation is scheduled by September 2026, under a digital assets bill adopted by the State Duma on July 21 and approved by the Federation Council on July 24.
-
How does the framework extend existing Russian securities rules to crypto?
The draft applies exchange trading, custody, record-keeping and disclosure rules already used in Russian securities markets to digital assets, and tasks the central bank with maintaining registers of depositories, exchange operators and digital financial asset issuers.
-
Why did these rules land so soon after the EU's latest sanctions package?
The Bank of Russia released the draft four days after the EU's 21st sanctions package targeted 14 Russia-linked crypto firms including stablecoin network A7. The timing signals Moscow is steering crypto activity onto regulated domestic rails rather than letting it migrate offshore.
-
Are the new Russian crypto rules final?
No. The proposals are draft regulations released for public assessment and have not yet been finalised by the central bank ahead of the September implementation deadline.
Crypto Capital Venture
CryptoSlate
TheBlock
Crypto News
WatcherGuru
CoinTelegraph