The Bank of Russia published its first draft rules as part of the introduction of cryptocurrency regulations in the country, including capital requirements for companies that hold and record digital assets.
The plans would extend to digital assets the exchange trading, custody, record-keeping, and disclosure regulations currently in place in Russia’s securities markets.
Source: cbr.ru
The framework would establish “digital depositories,” which would be regulated businesses that would keep track of cryptocurrency and other digital asset holdings. Depending on the services they offer, they would require capital of 50 million ($570,000) to 250 million rubles ($2.8 million).
The capital needed for settlement depositories would be 250 million rubles ($2.8 million). The threshold drops to 50 million rubles ($570,000) for other digital depositories and 100 million rubles ($1.1 million) for companies that manage cryptocurrency addresses or keep assets with international custodians.
Liquid assets are required for those capital needs, and qualifying financial assets must adhere to the credit-quality norms specified by the central bank. Operators of electronic platforms that settle transactions involving digital financial assets would also be subject to the rules.
Digital depositories, cryptocurrency trading companies, and businesses that issue digital financial assets will all be registered by the central bank.
The Federation Council approved the regulations on July 24 after the State Duma approved a measure on digital assets on July 21. By September, the cryptocurrency framework is expected to be fully operational. The central bank has made its suggestions available for public review, although they are not yet final.
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