Russia Unveils Digital Depository Rules Ahead of September Framework Launch
The Bank of Russia has published draft rules for digital depositories, a key component of the country's upcoming September framework for cryptocurrency trading. The new regulations require crypto depositories to hold varying amounts of liquid capital, ranging from $570,000 to $2.8 million.
The draft rules follow the approval of a digital assets bill by Russia's parliament last week. The bill created a legal path for regulated retail crypto trading in Russia while maintaining the existing ban on using cryptocurrency as a domestic payment method.
Digital depositories would function under traditional securities principles, with companies responsible for recording and maintaining holdings of cryptocurrencies and other digital assets. Each asset counted towards the capital thresholds must be liquid, meeting the central bank's credit-quality standards.