Key Takeaways
- The Bank of Russia released a draft regulation on September 18, 2026 proposing to cap banks' crypto exposure at 1% of their capital.
- The rules introduce two new ratios, N31 and N32, covering direct holdings, crypto-linked derivatives, and loans secured by crypto.
- The draft is expected to be finalised in Q4 2026, with banks required to begin reporting from January 2027.
Russia's central bank is moving to tightly ring-fence how much exposure the country's banks can take to digital assets. In a draft regulation published on September 18, 2026, the Bank of Russia proposed capping banks' crypto exposure at just 1% of their own capital — one of the strictest such limits proposed by any major economy.
What the Draft Proposes
According to CryptoSlate, the proposal introduces two supervisory ratios — N31 and N32 — that measure risk against a bank's individual and consolidated capital. The limits apply broadly, covering direct investments, crypto-linked derivatives, and loans secured by crypto assets.
The risk weighting is severe. As PANews reported, holdings in a bank's own accounts and client positions carrying bank liability will be assigned a 1,250% risk weight, while uncovered custody positions receive a 50% weight. That effectively forces banks to hold capital far exceeding the value of any crypto they touch on their own books.
Custody Carve-Out
Crucially, the draft distinguishes between a bank's own exposure and assets it merely holds for clients. Pure custody — where the institution does not bear seizure or restriction liability — is not automatically treated as the bank's own exposure. This carve-out leaves room for Russian banks to offer regulated custody services without triggering the punitive capital charge, mirroring how custody is being treated in Europe and the United States.
Why It Matters
The proposal follows Russia's July 2026 law legalising crypto trading under central bank oversight, and it signals how Moscow intends to let banks engage with digital assets: cautiously, and with heavy capital buffers. For the broader market, it is another example of a major economy building a formal rulebook around bank crypto activity rather than banning it outright — a pattern now visible from Frankfurt to Washington. The draft is scheduled for official release in Q4 2026 and takes effect ten days after publication, with reporting beginning in January 2027.
How Russia Compares Globally
Russia's 1% ceiling sits at the conservative end of a widening global spectrum. The European Union's MiCA framework and recent moves by banks such as Deutsche Bank favour enabling institutional crypto activity under clear rules, while U.S. regulators have softened their stance to let lenders custody digital assets. Moscow's approach is more restrictive on banks' own balance sheets, yet the custody carve-out shows even a cautious regulator sees a role for banks in safeguarding client crypto. For Russian savers and institutions, the message is that exposure will be permitted but tightly bounded — a deliberate trade-off between innovation and financial stability that other central banks will be watching closely as they finalise their own frameworks.