The Central Bank of Russia issued an ordinance expanding the requirements for foreign digital rights (FDRs) to be admitted for trading in Russia, adding conditions intended to reduce investor risks and restricting purchases to qualified-investor legal entities. Since August 2024, FDRs may be traded in Russia if their scope is equivalent to Russian digital financial assets (DFAs), with the DFA information system operator required to assess key documents describing the foreign asset and the rights of its owners for compliance with Russian law. The ordinance adds criteria that exclude FDRs linked to securities of issuers from unfriendly countries, prohibit FDRs that certify rights to receive cryptocurrency or FDRs not permitted for trading in Russia, and require issuance terms to contain no indications of potential freezing by issuers, payment agents, or their controlling persons. It also requires that obligations under FDRs be performable in at least one friendly state and that disputes not be heard in unfriendly jurisdictions. The ordinance enters into force on 26 May 2025.
Central Bank of Russia 2025-05-15
Central Bank of Russia tightens admission rules for foreign digital rights traded in Russia effective 26 May 2025
The Central Bank of Russia issued an ordinance expanding requirements for foreign digital rights (FDRs) trading, aiming to reduce investor risks and limit purchases to qualified-investor legal entities. The ordinance excludes FDRs linked to securities from unfriendly countries and those certifying rights to cryptocurrency, mandating compliance with Russian law. It stipulates obligations under FDRs must be performable in at least one friendly state, with disputes not adjudicated in unfriendly jurisdictions.