Bank of Russia Sets $570K–$2.8M Capital Bar for New Crypto Depositories

The Bank of Russia has published draft rules that would force digital asset custodians to hold between 50 million and 250 million rubles ($570,000 to $2.8 million) in liquid capital, the first concrete numbers attached to the country’s incoming crypto trading framework. The proposal, released for public comment on July 28, sets tiered thresholds depending on what services a firm provides and what kinds of digital assets it holds.

Under the draft, so-called “settlement depositories” — entities that clear and settle transactions in digital financial assets — would need the top tier of 250 million rubles ($2.8 million) in capital. Firms that control crypto addresses on behalf of clients or that hold assets with foreign custodians would face a middle tier of 100 million rubles ($1.1 million). Other digital depositories would be required to hold the base amount of 50 million rubles ($570,000).

Crucially, the assets counted toward those thresholds must be liquid, and any financial instruments used to meet the requirement must satisfy the central bank’s existing credit-quality standards. That mirrors capital rules already used in Russia’s traditional securities markets, which the new framework explicitly extends to digital assets, including exchange trading, custody, record-keeping and disclosure obligations.

Why the capital tiers matter

For crypto businesses operating or planning to operate in Russia, the tiered structure effectively prices out smaller players from the highest-risk activities. A firm wanting to run settlement infrastructure for digital financial assets needs nearly five times the capital of a basic depository — a signal that regulators want fewer, better-capitalized intermediaries handling the riskiest custody and clearing functions.

The rules also apply to operators of electronic platforms that settle digital financial asset transactions, extending the capital and disclosure regime beyond pure custodians to trading venues themselves. That broadens the scope of who needs to register and hold reserve capital once the underlying digital assets law takes effect.

Timing tied to September deadline and new EU sanctions

The draft depository rules are part of a broader digital assets law scheduled to take full effect by September 2026, and the Bank of Russia is now moving to fill in the operational details before that deadline. The proposal is open for public assessment, meaning the final capital figures could still shift before implementation.

The publication also lands shortly after the European Union announced a new sanctions package targeting Russian-linked crypto firms, adding pressure on Moscow to formalize domestic infrastructure that can operate independently of Western-regulated exchanges and custodians. A regulated depository system gives Russian institutions a compliant on-ramp for digital asset custody at a moment when access to foreign platforms is narrowing.

Read more: Sberbank Sets Dec. 1 Deadline for Crypto Depository as Russia’s $64B Threshold Kicks In

For crypto holders and platforms with exposure to Russia, the capital tiers are a concrete early data point on how strict the country’s incoming regime will be. Institutions that fail to meet the 50 million to 250 million ruble thresholds by the time the law binds in September risk losing the ability to legally custody or settle digital assets in the market.

Sources

• coindesk.com
• theblock.co