Russia -- Custody Regulations Regulatory Overview

Based on the search results provided, I can offer limited information about Russia's cryptocurrency custody regulations, as the results do not contain comprehensive details on all the specific custody requirements you requested.

Current Custody Framework

Mandatory licensing for custodial providers: Russia requires all entities providing cryptocurrency custody services to obtain mandatory licenses from regulatory authorities[1]. Traditional banking institutions and securities firms are permitted to provide cryptocurrency-related services, including custody, under specified prudential guidelines and must satisfy comprehensive compliance criteria before offering these products[1].

Custodial asset storage procedures: Under Russia's 2026 cryptocurrency seizure law, digital currency and devices providing access to it must be stored in a sealed manner, with the seizure protocol specifying the asset type, quantity, and address identifiers[4]. The law establishes that "if technically possible," digital currency may be transferred to a special address for safekeeping, with procedures and storage methods to be determined by the Russian government[4]. By 2026, Russia has developed a system of special crypto wallets controlled by the state for storing confiscated cryptocurrencies, though technical regulations for their operation remain under development through subordinate acts[4].

Tax exemption for custody services: Russian authorities have proposed exempting crypto custody services from VAT (value-added tax)[5].

Significant Information Gaps

The search results do not provide specific details on:

• Segregation of client assets requirements
• Insurance or bonding requirements for custodians
• Cold storage mandates or technical security standards
• Formal definitions of qualified custodians
• Specific regulatory references or legislation URLs beyond general legislative frameworks

To obtain comprehensive information on these custody requirements, you would need to consult Russia's Bank of Russia (Central Bank) and Rosfinmonitoring (Federal Financial Monitoring Service) directly, as these are the primary regulatory bodies overseeing cryptocurrency compliance[3], but detailed custodial standards are not fully documented in the available search results.