Russia Permits Select Banks to Engage in Crypto Under Strict Oversight

The Bank of Russia has finalized a framework allowing a limited number of commercial banks to handle cryptocurrency transactions, marking a cautious yet significant step toward regulated crypto adoption. First Deputy Chairman Vladimir Chistyukhin emphasized the need for strict capital limits and transparency rules to mitigate systemic risks, stating that excluding banks from such operations would be unjustified given market realities.

This decision builds on Russia's experimental 2025 crypto regime, which initially permitted wealthy individuals and corporations to use digital assets for cross-border settlements. The move comes amid escalating sanctions and ruble instability, as authorities explore controlled crypto integration to alleviate financial pressures.

Banks will face robust reserve requirements preventing digital assets from becoming a Core part of their business—a deliberate constraint reflecting the central bank's conservative stance. The policy follows months of negotiations with the banking sector, balancing innovation with risk containment.