Bank of Russia will allow banking operations with cryptocurrencies, but will impose limits
By Angel Di Matteo @shadowargel
The Russian regulator recognizes that it cannot completely isolate its banks from the crypto market, although it will apply tough restrictions to control their exposure and mitigate the associated risks.
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- He Central Bank of Russia will allow banks to operate with digital assets, under capital limits of 1%.
- The measure seeks to maintain control without excluding the banking system from the growing crypto market.
- A comprehensive cryptocurrency law is expected by 2026.
He Central Bank of Russia (CBR) has taken a significant step towards the controlled integration of cryptocurrencies into the country’s financial system. The monetary authority will allow banking institutions to carry out operations with these assets, although under strict capital and reserve conditions.
The announcement was made by Vladimir Chistiukhin, first deputy governor of the CBR, during the forum Finopolis, where he explained that the regulator will follow a conservative line against decentralized digital currencies like Bitcoin. However, he acknowledged that it is unwise to keep banks completely away from this emerging market, he said. Cryptopolitan.
Strict rules for banks and crypto
Chistiujin stressed that the Bank of Russia will establish “quite strict requirements” in order to prevent cryptocurrency operations from becoming the main activity of financial institutions. According to the official, the objective is to balance innovation with the stability of the banking system.
“We are conservative,” declared the official, quoted by the agency Interfax. “However, after discussion with the professional banking community, we concluded that it probably makes sense not to completely exclude banks from these operations.”
He Central Bank proposed limiting banks’ exposure to crypto assets to a maximum of 1% of their capital. This restriction would be part of a set of rules designed to ensure that institutions maintain adequate reserves and adequately manage associated risks.
Among Moscow’s financial regulators, the CBR has been one of the most reluctant to allow the free circulation of cryptocurrencies in the Russian economy. However, Western sanctions imposed after the invasion of Ukraine have forced us to reconsider that position.
An experimental regime under international pressure
Earlier this year, Russia approved a “experimental legal regime” for cryptocurrency transactions. This framework allows Russian companies to use digital currencies in international settlements and offers limited access to considered investors “highly qualified.”
In May, authorities authorized financial firms to offer crypto derivatives to corporations and individuals that meet certain wealth and income requirements. To be considered qualified investors, citizens must hold deposits and securities of at least 100 million rubles (about USD $1,200,000) and demonstrate annual income of more than 50 million rubles (USD $600,000).
These criteria are not yet final and are being developed in conjunction with the Ministry of Finance. The central bank’s intention is to establish a clear framework that combines state control and private sector participation in the digital market.
A crypto bill on the horizon
During the forum, Chistiujin also announced that the Bank of Russia expects the adoption of a comprehensive law on cryptocurrency investments in 2026. According to statements to the agency RIA Novostithis legislation will cover all aspects of the sector, from licensing to consumer protection.
“We would like to see a law passed that regulates all aspects of cryptocurrency investment in 2026”stated the official. If completed, it would allow the first licensed service providers to enter the market before the end of that year.
The official acknowledged that it will take time to define the legal status of entities that already operate with cryptocurrencies, which will require modifications in laws related to judicial and financial application. These reforms, as he explained, would come into force in 2027.
Political and financial consensus under construction
The posture of Bank of Russia was supported by its governor, Elvira Nabiúlina, who declared to the agency TASS waiting for the submission of the bill to the State Duma “soon”. Nabiúlina agreed that it is time to reach a consensus that allows the development of a regulated crypto market, without compromising the financial stability of the country.
Chistiujin concluded that this approach will allow Russia to preserve the innovative nature of new digital instruments, while maintaining the state oversight necessary to prevent abuse or instability.
The measure reflects a pragmatic change: accepting the reality of cryptocurrencies, but under conditions that maintain State control over a sector that, despite official distrust, continues to grow in global relevance.
Article written with the help of an AI content writer, edited by Angel Di Matteo / DailyBitcoin
Original image from DiarioBitcoin, created with artificial intelligence, free to use, licensed under Public Domain.
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