Russia Sets Capital Requirements of Up to 250 Million Rubles for Cryptocurrency Custodians, Effective September

The Bank of Russia has announced a new set of regulations targeting cryptocurrency exchanges and digital custodians.

In preparation for the system's launch in September 2026, operators will be required to meet capital requirements and record-keeping standards. Central to the regulations is the digital custodian responsible for recording and managing the holdings of cryptocurrencies and other digital assets, with the required capital varying based on the services provided by each operator.

Companies offering post-trade settlement services will need to have 250 million rubles (approximately 5 million USD) in capital. Companies managing cryptocurrency addresses or holding assets through foreign custodians will need 100 million rubles (approximately 2 million USD).

Digital custodians not falling under these categories will also be subject to a minimum capital requirement of around 100 million yen. Only liquid assets can be counted towards the capital requirement, and financial products must meet the credit rating standards set by the Bank of Russia.

Digital custodians will manage ownership of cryptocurrencies, digital accounts, and transaction records according to standardized procedures. The Bank of Russia plans to establish an official registry and supervise these entities based on principles similar to those governing traditional securities custodians.

Exchanges Also Required to Calculate Prices and Report

The new regulations will apply not only to custodians but also to operators engaging in organized trading, such as cryptocurrency exchanges. Each exchange will need to establish internal trading rules and calculate the market price and weighted average price of the assets traded.

Digital assets will also be integrated into existing pricing, monitoring, and reporting systems used for conventional currencies and securities. Electronic platform operators responsible for settling digital financial transactions will be subject to similar capital requirements as digital custodians.

This framework expands existing regulations applicable to the securities market into the realm of digital assets. It covers exchange trading, custody, record-keeping, and information disclosure, with the Bank of Russia maintaining a registry for cryptocurrency exchange operators and issuers of digital financial assets.

In a broader legal context, while maintaining a ban on the use of cryptocurrencies for domestic payments, pathways for regulated individual transactions and cross-border commercial transactions are being established. Most of the regulations will come into effect on September 1, 2026, and companies will be required to achieve full compliance by July 2027.

The current draft of the regulations is not yet final and has been published as part of the pre-implementation regulatory impact assessment process.

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