Bank of Russia Introduces Digital Depository Regulations Ahead of New Crypto Framework

On July 28, 2026, the Bank of Russia announced new draft regulations aimed at establishing organized cryptocurrency markets. The framework extends existing securities market rules to digital assets, creating regulated “digital depositories” with tiered capital requirements between 50 million rubles (approximately $570,000) and 250 million rubles (around $2.8 million), depending on the nature of services offered and assets held.

These proposed digital depositories would be responsible for recording holdings of cryptocurrencies and other digital assets. Specifically, settlement depositories will require the highest capital, set at 250 million rubles. Firms managing crypto addresses or holding assets with foreign custodians will need 100 million rubles, while other digital depositories must maintain a minimum of 50 million rubles. Notably, the assets used to meet these capital requirements must be liquid and comply with the central bank’s credit-quality standards.

This draft regulation comes just before the anticipated implementation of a comprehensive digital assets framework in September 2026, which follows the recent approval of a digital assets law by the State Duma and the Federation Council. This legislation is part of Russia’s broader effort to regulate cryptocurrency markets, and the proposals are currently open for public assessment. The Bank of Russia plans to maintain registers of licensed digital depositories, crypto exchange operators, and issuers of digital financial assets, enhancing oversight and regulatory clarity in the market.

The introduction of these regulations follows the European Union's announcement of a sanctions package targeting several Russian crypto firms, highlighting the complex interplay between regulation and international crypto market dynamics. As the cryptocurrency framework takes shape, it is crucial to monitor responses from industry stakeholders and the implications for Russia's digital economy.