Russia's central bank floats capital rules for crypto custodians ahead of September framework

The Bank of Russia has published draft regulations that would extend the country's existing securities-market machinery — exchange trading, custody, record-keeping and disclosure — to digital assets, according to CoinDesk (July 28). The centerpiece is a new class of regulated entity, the "digital depository," and a tiered capital requirement that tops out at roughly $2.8 million.

The draft sets three tiers, all denominated in rubles. Settlement depositories would need 250 million rubles ($2.8 million). Firms that control crypto addresses or hold assets with foreign custodians would need 100 million rubles ($1.1 million). Other digital depositories would need 50 million rubles ($570,000). The capital counted toward those thresholds must be liquid, and any eligible financial assets must meet the central bank's credit-quality standards. The same requirements would extend to operators of electronic platforms settling transactions in digital financial assets. The central bank would maintain registers of digital depositories, crypto exchange operators, and issuers of digital financial assets.

The rules were drafted under a digital-assets bill that the State Duma adopted on July 21 and the Federation Council approved on July 24, per CoinDesk. The broader framework is scheduled to take full force by September. The draft is not final — it has been released for public assessment.

Key facts

• Three capital tiers for "digital depositories": 250M rubles ($2.8M), 100M rubles ($1.1M), 50M rubles ($570,000) — Bank of Russia draft, via CoinDesk.
• Capital must be liquid; financial assets must meet the central bank's credit-quality standards — via CoinDesk.
• Underlying bill: adopted by the State Duma July 21, approved by the Federation Council July 24 — via CoinDesk.
• Full framework due to take effect by September 2026 — via CoinDesk.
• Draft published four days after the EU's 21st sanctions package targeting 14 crypto firms, including A7, described by CoinDesk as a "$120 billion stablecoin network."

The real-world read

Two things are worth holding at arm's length. First, the currency conversions — the ruble figures are the hard numbers in the draft; the dollar equivalents ($570,000 / $1.1M / $2.8M) are CoinDesk's, and ruble-dollar rates move, so treat the dollar tags as approximate. Second, the timing. The draft landed four days after the EU's latest sanctions package hit Russian-linked crypto firms. CoinDesk frames the two as related but does not establish that one caused the other, and neither the central bank's stated rationale nor the sequencing proves intent — that's a juxtaposition, not a documented link. The "$120 billion" figure attached to the A7 stablecoin network is CoinDesk's characterization; its origin isn't given here, and a headline valuation for a sanctioned network deserves skepticism until a primary source backs it.

Also unconfirmed: this is a draft open for public comment, not law. Thresholds can move before September, and none of the underlying primary documents — the Bank of Russia draft or the bill text — were available directly for this item; the specifics trace to CoinDesk's reading of them.

Opinion, and whose

No forecasts or analyst calls appear in the reporting. CoinDesk's own framing supplies the only interpretive claim — that the draft "follows" the EU sanctions — which is presented as context rather than causation.

Sources

• CoinDesk (Tier 2, secondary), "Russia outlines new digital depository rules ahead of fall crypto framework roll-out," July 28, 2026 — sole source for the capital tiers, legislative dates, September timeline, and the EU-sanctions context; itself reporting on the Bank of Russia draft and the State Duma/Federation Council bill, which are the primary documents but were not reviewed directly here. Not marketing.

This is news reporting, not financial advice.