Bank of Russia Proposes a Framework to Allow Banks and Brokers Conduct Crypto Services
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Bank of Russia proposes allowing banks and brokers to run crypto exchanges under a simplified licensing regime, classifying cryptocurrencies and stablecoins as “currency valuables”. Regulator (Gov. Elvira Nabiullina) highlights banks’ AML/CFT and fraud‑prevention capacity, signaling greater institutional custody/CEX-style adoption by traditional finance. Crypto stakeholders warn the plan could hurt existing Russian crypto service providers and reduce DEX/CEX competition, raising regulatory concentration and market risk.
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- Russian central bank proposes a framework for banks to offer crypto services.
- The proposal classifies cryptocurrency and stablecoins as “currency valuables.”
- Crypto stakeholders say the plan will hurt existing crypto service providers in Russia.
The Russian Central Bank plans to allow banks and brokerage firms to run crypto exchanges under a simplified licensing procedure, placing traditional financial institutions at the center of the country’s regulated digital asset market.
According to Central Bank Governor Elvira Nabiullina, existing financial institutions already have compliance infrastructure that could be used to supervise crypto transactions.
Nabiullina acknowledged the extensive experience of traditional banks in AML/CFT and fraud prevention, noting that this experience will help protect clients in the crypto market. The proposed framework is de…
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