Russia outlines new digital depository rules ahead of fall crypto framework roll-out

The Bank of Russia has introduced draft regulations aimed at establishing organized cryptocurrency markets in the country as part of a broader digital assets framework set to be implemented by September. These draft rules plan to extend the existing regulatory infrastructure used in Russia’s securities market—covering exchange trading, custody, record-keeping, and disclosure—to the realm of digital assets. Under this framework, a new category of regulated entities called “digital depositories” would be created to record and manage holdings of cryptocurrencies and other digital financial assets.

The proposed regulations specify tiered capital requirements for digital depositories based on the scope of their services and the types of assets they hold. Settlement depositories, which presumably handle transaction settlements, must maintain 250 million rubles (approximately $2.8 million) in liquid capital. Other digital depositories controlling crypto addresses or holding assets with foreign custodians face a capital threshold of 100 million rubles ($1.1 million), while those offering more limited services must hold at least 50 million rubles ($570,000). The liquid assets counted toward these requirements must meet the central bank’s credit-quality standards. Moreover, these capital requirements extend to operators of electronic platforms that process digital financial asset transactions.

The Bank of Russia will oversee and maintain registries of digital depositories, crypto exchange operators, and issuers of digital financial assets under this system. The new regulatory push follows the imminent enactment of a digital assets law and arrives shortly after the European Union announced a new sanctions package targeting Russian-linked cryptocurrency firms, indicating increased scrutiny of crypto activities connected to Russia. The source highlights that these developments are part of Russia’s effort to formalize and control the domestic digital asset ecosystem through regulatory clarity and capital controls.