CBR expands requirements for foreign digital rights entering Russian market
MOSCOW. May 16 (Interfax) - The Central Bank of Russia (CBR) has expanded requirements for foreign digital rights (FDR) that enter the Russian market, the CBR said in a press release.
Under the CBR order, which goes into effect on May 26, 2025, FDRs cannot be linked to securities issued by "unfriendly" issuers and cannot certify rights to receive cryptocurrency or FDRs that are not allowed to circulate in Russia.
The issue terms of FDRs cannot include any reference to possible blocking by the issuer, payment agents or parties that control them.
The list of countries where claims on FDRs can be fulfilled must include at least one friendly country, and if disputes arise regarding digital instruments they must not be considered in unfriendly jurisdictions.
In addition, only legal entities that are qualified investors will be able to purchase FDRs in Russia.
The requirements for FDRs laid out in the order are intended to protect investors from the heightened risks associated with such instruments, the CBR said.
President Vladimir Putin signed a law in August 2024 that allows foreign digital financial assets (DFA) to be traded on Russian blockchain platforms. The CBR has the right to prohibit the placement of certain issues if it sees a threat to financial stability. This refers to foreign DFAs that fall under the definition spelled out for this type of asset in Russian legislation, meaning this could be rights that include monetary claims, an option to exercise rights to issuable securities, the right to participate in the equity of a non-public joint-stock company and the right to demand the transfer of issuable securities.
DFAs are digital analogs of securities that are issued in the form of entries in an information system based on distributed ledger technology (tokens) and confirm an investor's rights to an asset.
The CBR's registry of DFA platform operators now includes 15 platforms, including those of T-Bank , VTB , Sberbank , Alfa Bank, BCS Holding, Eurofinance Mosnarbank and National Settlement Depository (NSD), Interregional Registration Center (MRZ), Tokenique, Tokeon PSB , Atomyze, SPB Exchange , Masterchain, Lighthouse and MTS's Blockchain Hub.