The Central Bank of Russia has proposed a draft rule that plans to include some encrypted assets in the calculation of financial soundness indicators for financial institutions. The categories and percentages of assets that may be included in the application include coupons, trustees, foreign exchange dealers and encrypted money exchange agencies.
Exchange-only assets
According to the draft, only encrypted assets traded on the exchange could be used to calculate the relevant indicators. This means that not all encrypted assets can be included, and that there is a greater tendency at the regulatory level to use prices to create assets that are clearer and easier to verify in transaction records.
25%
The draft also sets a ceiling. The value of the encrypted asset that can be included in the calculation is up to 25 per cent of the relevant calculated asset. This arrangement shows that the Russian Central Bank retains a strong risk control requirement when allowing some encrypted assets to enter a robust assessment.
- Applicable persons include coupons, trustees, foreign exchange dealers
- Encrypted money exchange agencies are also covered. Internal
- The maximum percentage for encrypted assets is 25%
Draft entered into the assessment process
The proposal is currently in the regulatory impact assessment phase and has not yet entered into force. If subsequently approved, Russia will further clarify the treatment of encrypted assets in financial institution statements and risk indicators.