The Bank of Russia has published a new draft regulation defining the requirements that professional market participants must follow when including crypto assets in their balance sheets.
According to the new regulation, professional market participants such as brokers, trust managers, Forex dealers, and cryptocurrency exchanges will have to account for crypto assets when calculating their own funds. These crypto assets, which can be included in the balance sheet if they are admitted for trading on exchanges, can reach a prudential limit of 25% of the total declared value of their own capital.
Additionally, to be included in these calculations, crypto assets must be registered in cryptocurrency depositories, allowing the state to confirm their existence.
Regarding the purpose of this set of rules, the bank explained that this ratio will be considered when assessing credit and market risks and will ensure these companies' ability to cover potential losses.
"Thanks to the new approach, these ratios will take into account the risks associated with cryptocurrencies and will help ensure the financial stability of intermediaries conducting cryptocurrency operations," the bank concluded.
This step is seen as a continuation of the process of legalizing cryptocurrencies in Russia, opening up the possibility for users to assess the reliability of regulated market participants based on their crypto assets, but also marks the beginning of an era of deeper state supervision, enhanced control over the internal cryptocurrency operations of operators, and the preservation of limited participation of crypto assets in the Russian economy.
This draft regulation follows the State Duma's approval of comprehensive cryptocurrency regulation, allowing both qualified and non-qualified investors to trade cryptocurrencies in the country, but limiting the latter to purchasing up to 300,000 rubles (about $3,800) per year.
However, the use of cryptocurrencies as a means of domestic settlement is prohibited, while exporters and importers can still use them without restrictions in cross-border settlements, allowing them to legally use stablecoins and other digital assets to circumvent secondary sanction risks.







