The Bank of Russia has proposed letting banks and brokerage firms obtain licenses to operate crypto exchanges. A New Crypto Play A report published by Interfax on March 5 states that The Central Bank of Russia (CBR) Governor Elvira Nabiullina has proposed to allow banks and brokers to obtain crypto exchange licenses via a notification process, as based on their current licenses. This statement was made at the annual meeting of lending institutions with the Central Bank. According to Nabiullina, the proposal aims to leverage the banking sector’s infrastructure for fighting money laundering and countering the financing of terrorism and fraud in order to better protect digital assets market clients. In what appears to be a conciliatory move between regulators and digital asset’s traders, Nabiullina directly addresses some of the main concerns typically raised by TradFi when arguing against crypto assets: We hope that your extensive banking experience in AML/CFT [anti-money laundering and countering the financing of terrorism], as well as your experience in countering fraud, will help protect your clients in the crypto market once it is legalized. The Crypto Proposal The exchange permissions being notification‑based means that institutions could bolt cryptocurrency services onto existing financial licenses instead of going through a separate, standalone approval process. Under the draft rules, crypto and stablecoins would be treated as “currency valuables”: Russians could own and trade them but using them as a domestic means of payment would remain restricted. Regarding the risk level, Naibullina remain cautious. She clarified that there would be a temporary threshold for banks’ involvement in the asset class: However, we would still like to limit the level of risk a bank takes in this area to one percent of capital. Let’s start by seeing how banks operate within the one percent cap, and then see whether we need to move forward. According to the Interfax report, qualified investors may acquire crypto assets without restrictions, while non-qualified investors are limited to purchasing up to 300,000 rubles per year through a single intermediary. The proposal effectively turns banks into the primary regulated gateways for digital asset trading. Russia’s Back-And-Forth Since 2020, Russia has recognized digital assets as property but banned them as a means of payment. Russia flirted with a full ban in 2022 and then shifted to “regulate, don’t ban.” By 2024–2025 , Russia allowed limited cross‑border use, legalized mining, and opened the market only to banks and “super qualified” investors, keeping retail, P2P, and foreign platforms in a gray zone. A Change In The Tide Russia has slowly but surely moved from hostility to tightly managed acceptance: the new push to license banks and brokers as cryptocurrency intermediaries is about pulling activity onshore, taxing it, preserving capital controls, and sidelining unlicensed foreign exchanges rather than outlawing crypto itself. The central bank is pushing to finish the broader legal framework by mid‑2026, after which penalties for unlicensed intermediaries and offshore platforms that do not localize in Russia are expected to kick in. Cover image from ChatGPT, BTCUSD chart from Tradingview
