Russia Regulates Digital Currencies in Capital Calculations Draft

The Bank of Russia has published a draft instruction that outlines how brokers and asset managers should factor digital currencies into their capital calculations.

Under the proposal, firms can count digital currencies such as Bitcoin, Ethereum, and USDT toward their own funds, but only up to 25% of the qualifying total. This is provided those currencies are admitted to organised trading on a Russian venue and held on an account with a Russian digital depositary.

Firms can still hold other digital currencies on their balance sheet, but they will not be counted toward this particular calculation. However, there is a separate rule that treats them very differently when it comes to the mandatory capital adequacy ratio.

If a firm's net holdings of listed digital currencies exceed 25% of its capital, the excess is deducted as a concentration penalty. Holdings of digital currencies not admitted to organised trading are treated differently again: they are deducted from capital in full, regardless of size, rather than counted as an asset at all.

The draft follows Federal Law No. 282-FZ, which was signed on August 4 and defines the market's core infrastructure. The law gives the Bank of Russia authority to set requirements such as this draft. Most of its provisions take effect on September 1, 2026, though some apply from July 1, 2027.

The Bank of Russia is accepting comments on the draft until August 29. If adopted without changes, the rules would take effect 10 days after official publication.