Russia Details Digital Depository Rules, Capital Tiers From 50M Rubles

The Bank of Russia published its first draft rules for digital asset custody and record-keeping, setting capital requirements for companies that hold cryptocurrencies and other digital tokens. The proposals would extend securities market infrastructure – exchange trading, custody, record-keeping and disclosure rules – to digital assets.

Under the draft, settlement depositories would need 250 million rubles ($2.8 million) in capital. The requirement drops to 100 million rubles ($1.1 million) for firms that control crypto addresses or hold assets with foreign custodians. Other digital depositories would need 50 million rubles ($570,000). Assets counted toward those capital thresholds must be liquid and meet the central bank's credit-quality standards. The same requirements apply to operators of electronic platforms that settle digital financial asset transactions.

The central bank will maintain registers of digital depositories and crypto exchange operators. A separate register will track companies that issue digital financial assets.