Bank of Russia Accelerates Digital Asset Regulations Following New Western Sanctions
Following new European Union sanctions targeting Russian-linked crypto firms, the Bank of Russia has accelerated digital asset regulations. The central bank published draft rules establishing regulated 'digital depositories' to record cryptocurrency holdings, with tiered capital requirements ranging from 50 million to 250 million rubles ($570,000 to $2.8 million). The framework extends existing securities market rules to digital assets and is set to take effect by September 2026.
Bank of Russia cryptocurrency regulations
▪The Bank of Russia will maintain registers of digital depositories, crypto exchange operators, and companies that issue digital financial assets.
▪The Bank of Russia's draft rules were issued shortly after the European Union announced a new sanctions package targeting Russian-linked crypto firms.
▪The Bank of Russia published draft regulations to create organized cryptocurrency markets under a new digital assets law taking effect by September 2026.
Digital depository capital requirements
▪The Bank of Russia's proposed framework establishes tiered capital requirements for digital depositories ranging from 50 million rubles ($570,000) to 250 million rubles ($2.8 million).
▪Settlement depositories will require 250 million rubles in capital, while firms controlling crypto addresses or holding assets with foreign custodians require 100 million rubles.
▪Assets counted toward the Bank of Russia's capital requirements must be liquid, and eligible financial assets must meet the central bank's credit-quality standards.
Securities market rules for crypto
▪The draft rules proposed by the Bank of Russia are open for public assessment ahead of the fall framework rollout.
▪The Bank of Russia's proposals extend existing securities market rules, including exchange trading, custody, record-keeping, and disclosure, to digital assets.
Digital asset custody framework
▪The Bank of Russia's capital requirements will also apply to operators of electronic platforms that settle transactions involving digital financial assets.
▪The proposed framework creates regulated 'digital depositories' to record holdings of cryptocurrencies and other digital assets.
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