Russia Grants Banks Limited Crypto Operations Under Strict Regulations
Russia has taken a measured step toward cryptocurrency integration by permitting domestic banks to engage in restricted digital asset operations. The Bank of Russia's First Deputy Chairman, Vladimir Chistyukhin, framed the move as a compromise—allowing banks to participate while preventing crypto trading from becoming their core activity.
Capital and reserve requirements will be stringent, reflecting regulators' conservative stance on bank exposure to volatile digital assets. "Excluding banks from these operations WOULD be unjustified," Chistyukhin conceded after industry consultations, "but we maintain caution about cryptocurrencies becoming banking assets."
All transactions will be subject to existing anti-money laundering protocols, with Chistyukhin emphasizing transparent counterparty identification and fund sourcing. The policy signals Russia's tentative embrace of crypto infrastructure while prioritizing financial stability over innovation.
