The Central Bank of Russia has issued a draft regulation requiring credit institutions to limit risks from investments in cryptocurrencies and foreign digital instruments through new prudential ratios. The N31 ratio at the solo level and N32 ratio at the consolidated level would each be capped at 1%, advancing the central bank’s previously signaled conservative treatment of cryptocurrency exposures. The ratios would cover direct holdings and cryptocurrency derivatives. Banks could net short and long positions where the underlying assets carry low liquidity and freezing risks, while client positions for which banks do not bear sanctions risk would be excluded. The requirements are scheduled for official publication in the fourth quarter of 2026 and would take effect 10 days later, with reporting of instrument turnover and N31 and N32 values due to begin in January 2027.
2026-09-18Central Bank of Russia
Central Bank of Russia proposes 1% risk ratio limit for cryptocurrency and foreign digital instrument exposures
The Central Bank of Russia has proposed capping banks’ cryptocurrency and foreign digital instrument risk ratios at 1% on both solo and consolidated bases. The rules would cover direct investments and derivatives, with limited netting and exclusions for certain client positions. Reporting would begin in January 2027.