Russia Considers Simplified Licensing Path For Bank-Run Crypto Exchanges

Russia’s central bank is considering a new approach to regulating cryptocurrency exchanges, allowing banks and brokerage firms to operate these platforms through a simplified licensing process linked to their existing financial permits. Governor Elvira Nabiullina recently discussed this proposal, suggesting that financial institutions could obtain authorization to run crypto trading platforms through a notification process rather than applying for a separate license.

This initiative aims to streamline the integration of cryptocurrency activities into Russia’s financial infrastructure by leveraging the compliance systems already in place for anti-money laundering and counter-terrorism financing. Nabiullina emphasized that banks and brokers could obtain crypto exchange licenses based on their current regulatory status, enabling them to serve as intermediaries in the digital asset market while ensuring customer protection.

The central bank’s proposal includes limits to manage financial risk, such as capping banks’ exposure to cryptocurrency activities at 1% of their capital. Regulators plan to assess institutions’ operations within this threshold before considering further expansion, prioritizing stability and security in the early stages of integration.

This licensing plan is part of a broader effort by the Central Bank of Russia and the Ministry of Finance to establish a comprehensive legal framework for digital assets in the country. The proposed regulatory concept, submitted to the Russian government in late 2025, recognizes cryptocurrencies and stablecoins as currency assets that can be traded through regulated intermediaries like exchanges, brokers, and trustees operating under existing financial licenses.

Despite these advancements, the central bank maintains a strict ban on using cryptocurrencies for domestic payments, emphasizing their role as investment instruments rather than currency alternatives. Draft legislation reflecting this concept is expected to be introduced to the State Duma soon, with the main regulatory framework set to take effect on July 1, 2026.

The proposed rules also introduce a tiered system for accessing crypto markets, with qualified investors facing no purchasing limits and non-qualified investors restricted to buying up to 300,000 rubles annually through a single intermediary. Russia updated the criteria for qualifying as an investor last year, with wealth requirements scheduled to increase in 2026 to ensure investor protection and market stability.

Overall, the central bank’s efforts to establish a clear legal framework for digital assets in Russia signify a significant step towards integrating cryptocurrencies into the country’s financial landscape while safeguarding against risks and ensuring regulatory compliance.