Bank of Russia Requires Crypto Accounting for Market Participants
The Bank of Russia has proposed new rules that will require professional market participants to account for cryptocurrencies when calculating prudential standards. This move is seen as a significant step towards recognizing cryptocurrencies in supervisory calculations, rather than treating them as an abstract tool.
The draft regulation, which has been submitted for regulatory impact assessment, will affect brokers, management companies, Forex dealers, and crypto exchanges. The new rules will require these market participants to include only a limited range of digital currencies in their calculations: Bitcoin and Ethereum.
The share of such assets will be limited to 25% of the value of the assets accepted for calculation. Additionally, the cryptocurrency must be accounted for in crypto depositories, and its value cannot exceed 25% of the company's capital.