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- Russia proposes allowing banks to launch regulated crypto exchanges easily.
- Central bank suggests simplified licensing tied to existing banking permits.
- New bill sets limits for retail investors entering crypto markets.
Russia is preparing a regulatory shift that could allow banks and brokerage firms to launch cryptocurrency exchanges through a simplified licensing pathway. The project has been an early indication that there is a prudent move to incorporate online assets into the conventional financial system of the country.
Interfax reported that the Central Bank of Russia Governor Elvira Nabiullina disclosed the regulators were working on a framework that would enable financial institutions to run crypto exchanges in a notification based way. Banks and brokers would be given authorization in connection with their existing financial permits, rather than having to make an application to receive a new license altogether.
Besides, the proposal would enable such institutions to serve as brokers in the trading of digital assets. The regulators already feel that banks have robust compliance systems that are up to the demands of the anti money laundering and counter financing requirements.
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Central Bank Proposes Risk Cap for Crypto Activities
Nabiullina has rationalized that the current banking infrastructures have oversight systems that could accommodate crypto activities. Thus, the regulators consider this strategy to represent a feasible means of implementing digital trading in a controlled environment.
Nevertheless, governmental bodies continue to desire to reduce possible financial risks at the initial phase of the implementation. The central bank thus suggested a temporary limit which would limit the exposure of the banks to crypto activities.
According to this proposal, financial institutions were allowed to invest only 1 percent of their capital on crypto related activities. The regulators are planning to oversee the way banks handle risks before they are allowed to increase their activities in the financial sector.
Russia Develops Broader Crypto Regulatory Framework
In the meantime, regulators are also drawing up wider laws to cover digital assets and stablecoins. The Bank of Russia and the Ministry of Finance have collaborated on draft bill that seeks to establish the legal framework of the cryptocurrency market.
According to the proposed legislation, the cryptocurrencies and stablecoins are going to be treated as currency assets, which investors will be able to buy or sell. Nevertheless, the government is going to keep the ban to make domestic payments in cryptocurrencies.
The framework also presents a differentiating access system to the market participants. The acquisition of digital assets by qualified investors would not be limited by the intermediaries.
Retail investors would face restrictions, as non-qualified participants could purchase up to 300,000 rubles per year through a single intermediary.
Deputy Finance Minister Ivan Chebeskov said that legislators hope to present the bill to the State Duma in March. The government intends to introduce the primary regulatory framework on July 1, 2026.
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