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Russia proposes new digital depository capital rules for crypto platforms

The draft framework would require tiered liquid capital of 50 million to 250 million rubles, with stricter levels for settlement depositories and lower caps for firms using foreign custodians.

Reported · Written up by our desk · Regulation

CoinDesk reports that Russia’s central bank has published draft rules to set up organized cryptocurrency markets, extending existing securities market regulations to digital assets. The proposals are aimed at the country’s upcoming rollout of a broader digital assets framework scheduled to take effect in September.

The draft rules would create regulated “digital depositories” that record customer holdings of cryptocurrencies and other digital assets. Capital requirements would be tiered based on services and asset types, ranging from 50 million to 250 million rubles, with settlement depositories slated for the highest level at 250 million rubles.

For firms that control crypto addresses or hold assets with foreign custodians, the requirement would drop to 100 million rubles, while other digital depositories would face a 50 million ruble capital floor. The central bank said assets counted toward the requirement must be liquid and meet its credit quality standards.

The proposals would also apply to operators of electronic platforms that settle transactions involving digital financial assets, and the Bank of Russia would maintain registers of digital depositories, crypto exchange operators, and digital asset issuers. The rules were drafted under a digital assets law adopted by the State Duma on July 21 and approved by the Federation Council on July 24.

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