Bank of Russia Lets Brokers Count Crypto as Capital. Anything Off-List Is Treated as 100% Risk
The central bank's draft rules recognise digital currencies as capital, but treat anything outside its approved perimeter as pure risk.
The Bank of Russia published the draft instruction on 14 August, setting out how brokers, asset managers, forex dealers and standalone digital currency exchange organisations should factor digital currencies into their capital calculations.
Under the draft, brokers, managers and forex dealers can count digital currencies toward their own funds, but only up to 25% of the qualifying total, and only if those currencies are admitted to organised trading on a Russian venue and held on an account with a Russian digital depositary.
In practice, that currently means Bitcoin, Ethereum and USDT - the only digital currencies the Bank of Russia has so far authorised for exchange trading, though qualified investors face no such restriction.
Firms can still hold other digital currencies on their balance sheet; those simply are not counted toward this particular calculation. However there is a separate rule that treats them very differently, when it comes to the mandatory capital adequacy ratio.
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