Russia’s central bank has taken a significant step toward formalizing cryptocurrency trading within the country by releasing a draft regulatory framework. The proposed rules, reported by The Block, establish specific capital requirements for crypto custodians and outline operational standards for custody and record management.

Capital Requirements for Crypto Custodians

Under the draft, firms acting as crypto custodians would be required to hold equity capital ranging between 50 million and 250 million rubles. The exact amount depends on the scope of their operations and the volume of assets under custody. The central bank’s proposal also mandates additional requirements for secure custody of digital assets and detailed…