Crypto: Bank of Russia Sets a 25% Red Line

The Bank of Russia wants to limit the role of crypto in market professionals’ accounts. Its new draft regulation sets a 25% threshold for digital assets considered in the calculation of their equity. Brokers, managers, forex dealers, and crypto exchange platforms are concerned. Moscow thus allows crypto more, without giving it too much space in intermediaries’ balance sheets.

Crypto Enters Brokers’ Accounts

The Bank of Russia published its draft on August 14. It comes a few days after the opening of the Russian market to bitcoin, ether, and USDT. This time, the text targets professionals directly. Brokers will be able to include certain cryptocurrencies in the calculation of their equity. The same applies to securities managers, forex dealers, and companies trading digital assets.

Not just any crypto, however. Assets must have been admitted for trading on a Russian organized market. They must also appear in the accounts of a recognized crypto custodian.

Then comes the limit. The value of cryptos considered in the calculation cannot exceed 25% of the total value of assets used to determine the company’s equity. So this is not simply about banning a broker from holding more crypto. The cap concerns the share that can be entered into this prudential calculation. An important nuance.

The Bank of Russia Wants to Avoid Overexposed Balance Sheets

The regulator mainly wants to ensure that intermediaries have enough capital to absorb losses. Cryptos will now enter the calculation of market risk and credit risk. A strong exposure will thus directly impact the ratios used to measure a broker’s financial strength.

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 operations. The framework is now continuing to fill out. Since early August, Russia also has a comprehensive law regulating cryptocurrency transactions. The text will take effect on September 1, 2026.

Non-qualified individuals will be able to buy cryptos after passing a test. Their annual cap is 300,000 rubles per intermediary, about 3,800 dollars. Qualified investors have much more freedom. For brokers, the message differs slightly. They can participate in the new market, hold crypto assets, and integrate them into their accounts. With a 25% barrier.

Moscow Opens Crypto Under Supervision

Russia has changed its stance on digital assets a lot in recent months. Crypto transactions are becoming legal within a regulated framework. New exchanges and custodians can obtain a license. Traditional brokers are also given a place in the system.

Daily crypto payments remain prohibited. The ruble thus retains its monopoly for purchasing goods and services in Russia. Companies active in foreign trade, however, have more possibilities to use digital assets in their settlements.

Western sanctions have obviously accelerated this effort. Crypto provides Russian exporters and importers with additional infrastructure when traditional banking channels become difficult to use.

Moscow is not letting the market develop without control. New operators will need licenses, custodians, and capital rules. Russia had already placed exchanges, brokers, and other intermediaries under Central Bank supervision. The 25% threshold now adds another layer. Russian brokers can have crypto in their accounts. Not enough to make it the basis of their financial strength.