Russia’s central bank is considering a plan that would let banks and brokerage firms run cryptocurrency exchange services through a notification process, rather than seeking a separate crypto license. Reported by Interfax, the proposal would give existing financial institutions a faster route into the country’s regulated digital asset market.
Under the model outlined by the Bank of Russia, banks and brokers could use their current financial licenses to offer crypto exchange services. The regulator’s case is straightforward. These institutions already operate under strict compliance standards and maintain anti-money-laundering and fraud prevention systems, which the central bank sees as a practical base for handling digital asset trading risks.
Regulated institutions could become the main market gateway
The proposal centers on who gets to operate, not on opening the market without limits. The Bank of Russia says using firms that are already under regulatory supervision would improve oversight once crypto trading is legalized more broadly in the country. It would also strengthen investor protections by concentrating activity inside entities that supervisors already monitor closely.
Central bank governor Elvira Nabiullina said regulators also want to keep banks’ crypto-related risk exposure contained. As an initial safeguard, the central bank suggested limiting such activity to around 1% of a bank’s capital. That cap points to a cautious rollout: easier access for established financial firms, but with tight controls on balance-sheet risk.
Part of a wider digital asset rulebook
The licensing idea sits inside a broader legislative push to build a formal regulatory framework for digital assets in Russia. Lawmakers have been working on rules that would define how cryptocurrencies are traded, supervised, and classified within the national financial system. In the proposed framework, cryptocurrencies and stablecoins would be treated as financial or “currency” assets that investors can buy and sell.
At the same time, digital assets would still be barred from use as a domestic means of payment. That keeps in place the central bank’s long-held position on defending the role of the national currency. Trading may be allowed under regulation. Payments remain off limits.
Retail access may come with annual purchase limits
The draft framework also introduces tiered market access. Qualified investors would be allowed to trade cryptocurrencies without strict limits, while retail investors could face an annual purchase cap of about 300,000 rubles through a regulated intermediary. The structure suggests Russia is prepared to permit market participation in stages rather than open the market evenly to all investor groups from day one.
Authorities expect the wider legislative package to move through parliament in the coming months, and the main regulatory framework could take effect around July 2026. If that happens, a notification-based licensing model would place banks and brokers at the center of Russia’s regulated crypto trading market.