New regulations require digital asset platforms to hold significant liquid capital as the country prepares for comprehensive cryptocurrency laws.
The Bank of Russia has unveiled draft regulations aimed at establishing a structured environment for cryptocurrency markets, applying existing rules from the securities sector to digital assets. These regulations are part of Russia's broader initiative to regulate cryptocurrencies, which is set to culminate in a new digital assets framework by September.
The proposed legislation introduces the concept of regulated "digital depositories," which will be responsible for recording and managing cryptocurrency and other digital asset holdings. Entities operating these depositories will be required to maintain liquid capital, with thresholds ranging from 50 million rubles (approximately $570,000) to 250 million rubles ($2.8 million), depending on their services and the types of assets they handle.
Specifically, settlement depositories must hold 250 million rubles in capital, while those managing crypto addresses or assets with foreign custodians will need 100 million rubles. Other digital depositories will be subject to the minimum requirement of 50 million rubles. Importantly, only liquid assets will count toward these capital requirements, which must also meet the Bank of Russia's credit quality standards.
