The proposals will extend the systems already used in Russian securities markets, including rules for exchange trading, custody, accounting, and information disclosure, to digital assets.
Within this framework, 'digital depositories' will be created—regulated companies that will register holdings of cryptocurrencies and other digital assets. They will require capital from 50 million ($570,000) to 250 million rubles ($2.8 million), depending on the services they provide.
Settlement depositories will require 250 million rubles ($2.8 million) in capital. The requirement is reduced to 100 million rubles ($1.1 million) for firms controlling cryptocurrency addresses or holding assets with foreign depositories, and 50 million rubles ($570,000) for other digital depositories.
Assets counted towards these capital requirements must be liquid, and eligible financial assets must meet the central bank's credit quality standards. The requirements will also apply to electronic platform operators who conduct transactions with digital financial assets.
The central bank will maintain registers of digital depositories, cryptocurrency exchange operators, and companies issuing digital financial assets.
The rules were developed in accordance with the digital assets bill adopted by the State Duma on July 21 and approved by the Federation Council on July 24. The cryptocurrency system is planned to come into full force by September. The central bank's proposals are not yet final and have been published for public comment.
The central bank's drafts and announcements on digital asset rules came four days after the European Union (EU) introduced its 21st sanctions package targeting 14 cryptocurrency firms, including the $120 billion stablecoin network A7.
