Brokers and exchanges would need to register crypto in depositories the state can check and count it toward equity under a Bank of Russia draft cap of 25%.
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The Bank of Russia issued a draft regulation that would cap cryptocurrency holdings at 25% of equity for brokers, trustees, forex dealers and crypto exchanges. Crypto assets admitted to trading on exchanges would count toward a firm's declared equity, up to that prudential limit. The ceiling is a ratio, not a fixed sum, so a firm's crypto book is capped by the size of its equity base.
Only positions registered with crypto depositories qualify for the calculation. Inclusion depends on admission to exchange trading, so unlisted tokens fall outside the cap. The registration condition lets the state verify the holdings exist and gives the central bank a direct record of crypto exposure at the firms it supervises. Under the draft, the market value of those assets feeds straight into the capital base the regulator uses when judging solvency.
The ratio is used to assess credit and market risk and to make sure supervised firms can cover potential losses, the Bank of Russia said. Under the new approach, the bank said, the ratios will factor in cryptocurrency-related risks and "help ensure intermediaries' financial resilience in cryptocurrency transactions."
Comprehensive crypto legislation approved by the State Duma allows both qualified and non-qualified investors to trade digital assets. The proposal follows that law. Non-qualified investors can buy up to 300,000 rubles per year, about $3,800. Qualified investors carry no annual cap.
A ban on crypto as an internal payment method stays in force. Exporters and importers can still use digital assets in cross-border settlements without limits, a carve-out that lets companies legally sidestep secondary-sanction risk with stablecoins and other crypto.
Andrey Svintsov, a Russian official, separately advised citizens to stop buying Gram cryptocurrency and to halt all Telegram financial transactions until security concerns are addressed. His comments are outside the central bank's equity proposal.
The 25% ceiling keeps crypto a bounded share of the Russian financial system. The depository requirement gives regulators direct visibility into broker positions; clients get the same read from the declared equity figure. Where the Duma law set the terms for who could trade, the draft sets how much of a firm's equity can sit in crypto. The central bank hasn't said when the rules would take effect.
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