Bank of Russia Proposes Simplified Crypto Exchange Licensing for Banks

The Bank of Russia is considering a proposal to let banks and brokers offer cryptocurrency exchange services via a simplified notification process, reports Interfax. This move could fast-track the formalization of the nation's digital asset market. Officials argue that financial institutions' existing anti-money-laundering and compliance systems would help manage the risks of crypto trading.

Under the plan, banks and brokerage firms could operate crypto exchanges using their current financial licenses, avoiding a separate licensing application. The central bank believes this approach, leveraging already-supervised entities, would enhance investor protection and oversight as crypto trading gains legal footing. Governor Elvira Nabiullina stated regulators aim to limit banks' crypto risk exposure, suggesting an initial activity cap of roughly 1% of a bank's capital.

The licensing proposal is part of a broader push to establish a structured regulatory framework for digital assets. Pending legislation would classify cryptocurrencies and stablecoins as financial assets for investment, while maintaining a ban on their use for domestic payments to protect the ruble's role.

The proposed framework introduces tiered investor access. Qualified investors would face no strict limits, while retail participants could be subject to annual purchase caps of approximately 300,000 rubles through regulated intermediaries. Authorities anticipate the main regulatory package could pass parliament in coming months and take effect around July 2026. If approved, the notification model would place traditional financial institutions at the core of Russia's regulated crypto market.