The Bank of Russia has introduced new rules limiting professional market participants' crypto holdings to 25% of their total equity value. This move aims to mitigate risks associated with holding crypto assets. The rules apply to brokers, trustees, forex dealers, and cryptocurrency exchanges, and require them to include approved cryptocurrencies in their financial resilience ratios.
Regulation Details
The new ordinance dictates that crypto assets must be registered with crypto depositories to be included in these calculations, allowing the state to verify their existence. The bank will observe this ratio to assess credit and market risks, ensuring companies can cover potential losses.
Background
This draft regulation follows the State Duma's approval of comprehensive cryptocurrency regulation, which allows both qualified and non-qualified investors to trade cryptocurrencies in the country. However, non-qualified investors are limited to buying up to 300,000 rubles, about $3,800, per year. The use of cryptocurrencies as an internal payment method is prohibited, while exporters and importers can still use them in cross-border settlements without limitations.