Russia Prepares Regulations for Digital Depositories in Cryptocurrency Market
The Bank of Russia is preparing rules for digital depositories to store and account for cryptocurrency in the Russian market. The new framework, set to become operational on September 1, 2026, will require custodians to maintain registers, assign unique codes to owners, and check transfers for suspicious activity.
The requirements for future custodians are stringent: a minimum capital of 50 million rubles is required, increasing to 100 million for operations with foreign systems and over 250 million for settlement depositories. Cryptocurrency will not be allowed to be accounted for as capital.
Market participants can use existing digital financial asset platforms as a basis but will face significant expenses. Creating such a depository could cost hundreds of millions of rubles, likely leading to market consolidation around a few large companies.