The Bank of Russia published the results of discussions on two draft regulations for the cryptocurrency market: starting March 1, 2027, crypto exchanges, brokers, and digital depositories will be required to implement the SORM system, providing the FSB with round-the-clock remote access to information as part of operational investigative activities.

Sber, VTB, T-Bank, Alfa-Bank, and other market participants submitted their comments on the drafts.

Storage of Client Communications and Interaction Data

The requirements call for storing text and voice messages, images, videos, and data on client interactions with the services.

Access to Keys: No Ban Adopted, No Automatic Access

The Association of Russian Banks proposed banning SORM access to private keys and transaction signing tools. The central bank rejected the proposal, but this does not mean the FSB will have automatic access to keys.

1% Risk Limit and 1250% Risk Weight Maintained

The regulator kept the cryptocurrency risk limit for banks at 1% of capital and the risk weight at 1250%. Banks had requested lowering the risk weight to no more than 150%, warning of the economic impracticality of such operations, but the central bank declined to ease the parameters.

Cryptocurrency Not Accepted as Collateral; Extension Request Denied

Banks proposed allowing liquid cryptocurrencies to be used as collateral for loans with a discount of at least 50%. The regulator refused, citing risks of asset blocking and seizure. Market participants also requested postponing the SORM implementation to 2028, but the requirement is planned to take effect from March 1, 2027.

Banks warned about the risk of clients moving to foreign exchanges due to strict cryptocurrency storage rules. The central bank declined to ease the restrictions.