Russia Authorizes 330+ Private Banks to Offer Regulated Crypto Services
The Bank of Russia has made a big move—over 330 private banks can now conduct crypto activities under strict regulations...
Quick overview
- The Bank of Russia has authorized over 330 private banks to conduct crypto activities under strict regulations, marking a significant step towards integrating traditional banking with digital assets.
- Banks can now provide clients with crypto services, including digital asset transactions and custodial services, while adhering to capital and reserve requirements for financial stability.
- First Deputy Chairman Vladimir Chistyukhin emphasized a 'controlled expansion' approach, balancing innovation with systemic security and addressing concerns like money laundering.
- With over 20 million crypto users in Russia, the new initiative aims to formalize the crypto market and reduce reliance on unregulated exchanges.
The Bank of Russia has made a big move—over 330 private banks can now conduct crypto activities under strict regulations. This is the first major step towards bridging the gap between traditional banking and digital assets.
According to bits.media, a Russian crypto publication, banks can now offer clients crypto services such as digital asset transactions and custodial services. But these activities will be monitored and subject to capital and reserve requirements to ensure financial stability.
First Deputy Chairman of the Bank of Russia, Vladimir Chistyukhin, said while the country is open to crypto, it’s cautious about replacing traditional finance with digital assets. He called it a “controlled expansion”, balancing innovation with systemic security.
Controlled Entry with Tight Controls
Chistyukhin said the decision was made after discussions with financial professionals and regulators. The central bank wants to create a framework that supports innovation without compromising monetary integrity or inviting systemic risk.
He said Russia has “conservative views” on crypto adoption but recognizes the growing market demand. This balanced approach reflects Moscow’s intention to modernize the financial system while mitigating threats like money laundering and terrorist financing.
To secure the financial system, the Bank of Russia will require:
- Full customer identification for crypto investors
- Transparency in transaction origins
- Anti-money laundering (AML) protocols
- Regulatory body monitoring
These are in line with global efforts by institutions like the Financial Action Task Force (FATF) to use digital assets responsibly.
Russia’s Crypto Market
Despite previous restrictions, Russia already has over 20 million crypto users, according to official numbers. The new banking initiative will bring these users into the formal financial network, reducing the country’s dependence on unregulated exchanges.
Deputy Finance Minister Ivan Chebeskov said Russia is also developing a sovereign infrastructure to support domestic crypto use cases, meaning long-term interest in blockchain technology.
This cautious approach puts Russia in line with other major economies exploring regulated digital finance—potentially changing the face of banking in one of the world’s largest emerging markets.
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