ChainCatcher report: On September 18, the Central Bank of Russia released a draft proposing the use of ratios N31 and N32 to measure related exposures based on the own funds of individual credit institutions and the consolidated capital of banking groups, respectively. The scope includes direct investments, derivatives linked to the price of crypto assets, and loans, bonds, and repurchase agreements whose settlement or value depends on crypto assets. Customer assets held in custody by digital custodians within the bank or group that bear losses will be included; assets not bearing losses will be excluded but subject to a 50% risk weight. Positions in proprietary accounts and customer positions for which the bank assumes responsibility will be subject to a 1250% risk weight. The draft is planned to be officially published in the fourth quarter of 2026, taking effect 10 days after publication, with banks expected to begin reporting N31 and N32 values starting January 2027.
Russia's Central Bank Proposes Framework to Measure Crypto Risk Exposure
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Summary
Russia’s Central Bank has proposed a framework to assess exposure to risk-on assets from cryptocurrency holdings, according to ChainCatcher. The draft, released on September 18, introduces ratios N31 and N32 to measure exposure based on equity and consolidated capital. It covers direct investments, crypto-linked derivatives, and loans whose value is tied to crypto assets. Holdings in proprietary accounts are assigned a 1250% risk weight. The framework aims to strengthen liquidity management and oversight of crypto markets, with implementation scheduled for Q4 2026 and reporting to begin in 2027.
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