Key Takeaways:
Russia's central bank published draft regulations to create a regulated crypto market infrastructure, requiring digital asset platforms to hold as much as 250 million rubles ($2.8 million) in liquid capital.
The Bank of Russia unveiled its first draft rules for organized cryptocurrency trading on July 28, extending securities market regulations to digital assets under a new law set to take effect by September. The proposals would create "digital depositories" — regulated entities responsible for recording ownership of cryptocurrencies and digital rights — with tiered capital requirements based on the services they provide.
"The draft rules establish minimum equity standards for digital depositories, with settlement firms requiring 250 million rubles in liquid, high-credit-quality assets," the Bank of Russia said in its announcement. The requirement drops to 100 million rubles ($1.1 million) for companies that control crypto addresses or hold assets with foreign custodians, and 50 million rubles ($570,000) for other digital depositories, according to the central bank's published proposals.
The framework would extend Russia's existing securities market infrastructure — exchange trading, custody, record-keeping and disclosure rules — to digital assets for the first time. The central bank will maintain official registers of digital depositories, crypto exchange operators and companies that issue digital financial assets. Operators of electronic platforms that settle digital financial asset transactions face comparable financial requirements. The draft rules are open for public assessment as part of the regulatory impact evaluation process.
The regulations were drafted under a comprehensive crypto law adopted by the State Duma on July 21 and approved by the Federation Council on July 24. Most provisions take effect from Sept. 1, 2026, with full compliance required by July 2027. The rollout comes four days after the European Union unveiled its 21st sanctions package on July 24, targeting 14 crypto firms including A7, a $120 billion stablecoin network.
Sanctions Context Shapes Market Structure
The timing of Russia's regulatory push carries geopolitical weight. The EU's latest sanctions package specifically targets crypto firms that facilitate Russia's access to the global digital asset market, creating a bifurcated landscape where Russian-regulated entities may face isolation from Western exchanges and DeFi protocols. Sberbank, Russia's largest lender, has already begun piloting crypto-backed lending, while the government is preparing rules that would obligate export firms to convert crypto proceeds into rubles, according to recent reports.
The capital requirements — ranging from $570,000 to $2.8 million — are likely to consolidate the market toward well-capitalized players, potentially limiting the number of licensed digital depositories to major banks and established financial institutions. The central bank's credit-quality standards for eligible financial assets further restrict which firms can qualify.
For the global crypto market, Russia's framework represents the latest major jurisdiction to formalize digital asset regulation, following the EU's Markets in Crypto-Assets (MiCA) framework and Singapore's Payment Services Act. The key distinction: Russia permits cryptocurrencies for cross-border commercial transactions but maintains a ban on using digital assets as a means of payment within the country, limiting the domestic use case to settlement and investment rather than everyday commerce.
This article is for informational purposes only and does not constitute investment advice.
