The Bank of Russia wants to limit the place of crypto in the accounts of market professionals. Its new draft regulation sets a threshold of 25% for digital assets taken into account in the calculation of their equity. Brokers, managers, forex dealers and crypto exchange platforms are affected. Moscow therefore authorizes crypto more, without leaving it too much room in the balance sheets of intermediaries.
In brief
- Cryptos cannot represent more than 25% of the assets used in the calculation of equity.
- The rule particularly concerns brokers, managers and crypto platforms.
- The assets will also need to be registered with a Russian crypto custodian.
Crypto Enters Broker Accounts
The Bank of Russia published its project on August 14. It comes a few days after the Russian market opened to bitcoin, ether and USDT. This time, the text is aimed directly at professionals. Brokers will be able to integrate certain cryptocurrencies into the calculation of their own funds. The same goes for securities managers, forex dealers and companies that trade digital assets.
Not just any crypto though. The assets must have been admitted to trading on a Russian organized market. They must also appear in the accounts of a recognized crypto custodian.
The limit comes next.The value of the cryptos used in the calculation may not exceed 25% of the total value of the assets taken into account to determine the company’s equity. So it’s not just about prohibiting a broker from holding more crypto. The ceiling concerns the part that it can include in this prudential calculation. Important nuance.
The Bank of Russia wants to avoid overly exposed balance sheets
The regulator especially wants to know whether intermediaries have sufficient capital to absorb losses. Cryptos will now be included in the calculation of market risk and credit risk. A high exposure will therefore have a direct impact on the ratios used to measure the financial solidity of a broker.
The Bank of Russia had already begun to prepare this ground. At the end of July, it published rules allowing brokers to use certain crypto assets as collateral for margin trading. The frame now continues to fill. Since the beginning of August, Russia has also had a comprehensive law governing cryptocurrency transactions. The text comes into force on September 1, 2026.
Unqualified individuals will be able to purchase cryptos after passing a test. Their annual ceiling reaches 300,000 rubles per intermediary, or approximately $3,800. Qualified investors have much more freedom. For brokers, the message is slightly different. They can participate in the new market, hold crypto assets and integrate them into their accounts. With a 25% barrier.
Moscow opens crypto under surveillance
Russia has changed its position on digital assets a lot in recent months. Crypto transactions become legal within a regulated framework. New exchanges and depositories may receive approval. Traditional brokers also get a place in the system.
Daily crypto payments remain prohibited. The ruble therefore retains its monopoly for purchasing goods and services in Russia. Companies active in foreign trade, on the other hand, have more possibilities to use digital assets in their settlements.
Western sanctions have obviously accelerated this project. Crypto provides Russian exporters and importers with additional infrastructure when traditional banking channels become difficult to use.
However, Moscow is not letting the market develop unchecked. New operators will have to go through licenses, depositories and capital rules. Russia had already placed exchanges, brokers and other intermediaries under the supervision of the Central Bank. The 25% threshold now adds another layer. Russian brokers will be able to have crypto in their accounts. Not to the point of making it the basis of their financial strength.
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