Bank of Russia Publishes Draft Digital Depository Rules Ahead of September Crypto Framework

The Bank of Russia has released draft regulations that would bring cryptocurrency markets under a governance structure modelled on the country’s existing securities market rules. The proposals introduce a new class of regulated entity, the “digital depository,” responsible for recording holdings of cryptocurrencies and other digital assets, and sit within a broader legislative package adopted by the State Duma on 21 July and approved by the Federation Council on 24 July, with full implementation targeted by September.

Capital requirements under the draft are tiered by function. Settlement depositories face the highest threshold at 250 million rubles (approximately $2.8 million), firms controlling crypto addresses or holding assets with foreign custodians must hold 100 million rubles (approximately $1.1 million), and other digital depositories face a floor of 50 million rubles (approximately $570,000). All capital counted toward these thresholds must be liquid, and eligible financial assets must satisfy the central bank’s credit-quality standards. The requirements extend to operators of electronic platforms settling digital financial asset transactions, and the central bank will maintain public registers covering depositories, exchange operators, and digital financial asset issuers.

The draft is open for public assessment and is not yet final, meaning the capital figures and operational requirements remain subject to revision. The timing is notable: the proposals arrive four days after the European Union published its 21st sanctions package, which targeted 14 crypto firms, including A7, a stablecoin network described as handling $120 billion in volume. For operators building infrastructure to serve Russian digital asset markets, the September deadline compresses the window between final rule publication and compliance readiness.