Russia Sets Rules for Crypto Custody Capital Ahead of September Rollout

The Bank of Russia has published its first draft rules for the country's incoming cryptocurrency regulations. The framework would create regulated 'digital depositories' tasked with recording holdings of cryptocurrencies and other digital assets.

These firms would need between 50 million rubles ($570,000) and 250 million rubles ($2.8 million) in capital, depending on the services they offer. Settlement depositories face the top tier at 250 million rubles.

The rules also apply to operators of electronic platforms that settle transactions involving digital financial assets. The central bank will maintain registers of digital depositories, crypto exchange operators and companies issuing digital financial assets.