Russia Allows Banks to Handle Crypto Under Oversight: Report
- Russia permits banks for limited crypto dealings under tight regulation to protect stability.
- Financial institutions are required to follow strict capital and reserve rules for approval.
- The new framework balances innovation with transparency to safeguard the financial system.
The Bank of Russia has approved limited crypto operations for domestic banks, marking a cautious shift in national policy. Financial institutions could now handle Bitcoin and other cryptocurrencies under government supervision. The central bank said the step balances innovation with stability. Strict rules would ensure banks treat crypto as a secondary activity, not their main business.
Banks would have to ensure that they have obtained official permission to trade in the crypto market. Every institution should have tight standards of capital and reserves in order to minimize the exposure to fluctuating digital assets.
Regulators underscored the fact that these safeguards are intended to save the larger financial system. The steps are also directed into making sure that there is a checked and adhering participation in the booming cryptocurrency market.
Russia Tightens Crypto Rules
Vladimir Chistyukhin, the First Deputy Chairman of the Bank of Russia said that it was not realistic to ban banks from dealing in crypto transactions. Rather, the central bank strives to control the activity cautiously. He indicated that the decision was made after consultations with the major banks, thus ensuring that there was wide acceptance within the sector.
According to Chistyukhin, the total amount of crypto transactions has to follow the anti-money laundering regulations. The individuals and organizations would be under obligation to declare themselves and source of funds.
This would promote transparency and accountability in all transactions. Banks and brokers would be concerned with keeping an eye on the clients and raising alarm on any suspicious dealings.
Officials said crypto assets carry high risks of money laundering and terrorist financing. As a result, all current anti–money laundering measures would extend to crypto operations. Banks must block transactions that do not meet legal requirements. This enforcement aims to reduce financial crime and protect the country’s banking system.
The deputy chairman confirmed that Russians owning digital assets could sell them locally using national infrastructure. However, foreign platforms may still be used for other operations. He added that about 20 million Russians already use cryptocurrencies, showing the technology’s rapid expansion across the population.
Global Crypto Regulation Drive
The move follows a broader global effort to regulate digital finance. Governments worldwide are tightening oversight to safeguard financial systems. The U.S. and European Union have both advanced new frameworks for crypto assets. Russia’s approach fits this global trend but prioritizes financial security over liberalization.
The government recognized cryptocurrencies as property last November. A new rule started in January 2025 would require businesses to register foreign trade contracts involving digital rights, including crypto. This applies to imports above three million rubles and exports above ten million rubles. The rule aims to track cross-border crypto payments more effectively.
Related: Russia Plans Crypto Bank to Regulate Market and Boost Budget
Russia’s increased regulation comes as companies use digital currencies to bypass sanctions. Reuters reported that Russian oil firms already use Bitcoin, Ethereum, and Tether to settle trade with China and India. Such transactions assist in sustaining the economic activities even after the western restrictions of conventional payment systems.
Bank of Russia also intends on having a three year pilot assessment of the wealthier investors. Through this experiment, minimal crypto trading would be permitted with stringent supervision. The Digital Watch Observatory experts also warned that certain new regulations might limit the U.S. connected stablecoins like Tether due to its possible exposure to sanction risk.
By enforcing these steps, Russia would be restricting its crypto industry and introducing innovation. The cautious approach aims to modernize financial operations without causing instability. It reflects a strategy focused on managing risk while advancing digital finance.
