Russia Wants Crypto Firms to Post Up to $2.8M Before They Can Operate
Russia's central bank just published draft capital rules for crypto custodians ahead of a September rollout — here's what the numbers actually mean.
If you thought crypto rules in the US and EU were slow-moving, take a look at what Russia’s central bank just put on the table. The Bank of Russia has published draft regulations that would force any company holding or recording crypto on behalf of customers to keep a specific pile of cash in reserve — as much as 250 million rubles, or roughly $2.8 million, depending on what services they offer.
What’s actually changing
The plan borrows heavily from rules that already govern Russia’s stock and bond markets — things like exchange trading standards, custody requirements, record-keeping and disclosure — and stretches them over to digital assets. The centerpiece is a new category of regulated business called a “digital depository,” essentially a licensed custodian whose whole job is to keep official records of who owns what crypto.
Not every depository would face the same bill. Settlement depositories, which handle the heaviest lifting, would need the full 250 million rubles ($2.8 million) in capital. Firms that control crypto wallet addresses or park client assets with custodians abroad would need 100 million rubles ($1.1 million), while smaller digital depositories offering narrower services could get by with 50 million rubles (about $570,000). Crucially, that capital has to be liquid — cash or assets the central bank considers high enough quality, not just anything sitting on a balance sheet.
The same capital rules would also apply to platforms that settle transactions involving what Russia calls “digital financial assets,” a broader category that includes tokenized securities alongside cryptocurrencies. On top of that, the central bank says it will keep official registers listing every licensed digital depository, every crypto exchange operator and every company approved to issue digital financial assets — essentially a public whitelist of who’s allowed to touch crypto legally inside Russia.
Why this is happening now
These draft rules aren’t happening in a vacuum. They follow a digital assets bill that Russia’s State Duma passed on July 21 and the Federation Council approved just three days later, on July 24. That law is set to take full effect by September, and the central bank’s newly published capital requirements are the first real detail on how it will actually work in practice. The proposals are still open for public comment and aren’t finalized yet.
The timing also lines up with fresh pressure from the West. Just four days before the Bank of Russia’s announcement, the European Union rolled out its 21st sanctions package, naming 14 crypto-related firms — including A7, a stablecoin network reportedly linked to as much as $120 billion in volume. Building out a formal, licensed domestic crypto market gives Russia a way to keep transactions moving through channels it can supervise directly, even as outside sanctions tighten around informal or offshore crypto routes.
What it means if you hold crypto
For everyday holders outside Russia, none of this changes how your BTC, ETH or stablecoins work today. But it’s worth watching for a bigger reason: it’s another sign that major economies are moving from “let’s figure this out later” to actual licensing regimes with real capital requirements, echoing steps already underway in the EU and parts of Asia. When a country the size of Russia builds formal custody rules on top of sanctions pressure, it shows how governments are increasingly treating crypto custody like they treat traditional banking — with capital cushions meant to protect against platforms collapsing or mishandling client funds.
The bigger question for the wider market is whether this kind of state-sanctioned crypto infrastructure ends up more isolated from global liquidity, or eventually finds ways to connect with it. Either way, expect more detail as September approaches and the draft rules move toward becoming law.
