Russia outlines new digital depository rules ahead of fall crypto framework roll-out
Russia's central bank has proposed new regulations for 'digital depositories' to oversee cryptocurrency holdings and digital assets ahead of a fall framework rollout. The rules establish capital requirements for firms managing crypto assets and aim to integrate digital assets into the existing securities market infrastructure.
Why it matters
These regulations signal Russia's intent to formalize and control its domestic crypto market, potentially impacting how digital assets are traded and stored within the country.
The proposals would extend systems already used in Russia’s securities markets, including exchange trading, custody, record-keeping and disclosure rules, to digital assets.
The framework would create “digital depositories,” regulated companies that would record holdings of cryptocurrencies and other digital assets. They would need between 50 million ($570,000) and 250 million rubles ($2.8 million) in capital, depending on the services they provide.
Settlement depositories would require 250 million rubles ($2.8 million) in capital The requirement falls to 100 million rubles ($1.1 million) for firms that control crypto addresses or hold assets with foreign custodians, and 50 million rubles ($570,000) for other digital depositories.
Assets counted toward those capital requirements must be liquid, while eligible financial assets must meet the central bank’s credit-quality standards. The requirements would also apply to operators of electronic platforms that settle transactions involving digital financial assets.
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