The Bank of Russia has reportedly given the green light to select commercial banks to enter the cryptocurrency market, albeit under strict supervision. This move is aimed at preventing systemic risks and regulatory blind spots, with officials emphasizing the importance of capital limits and transparency rules.
According to recent reports, the Bank of Russia, led by First Deputy Chairman Vladimir Chistyukhin, has finalized a framework that allows a limited number of commercial banks to conduct cryptocurrency transactions. Chistyukhin noted that “we take a conservative view and are considering the appropriateness of including cryptocurrencies in the banking sector’s assets. After discussions with the professional banking community, we came to the conclusion that it would be unjustified to exclude banks from such operations.”
Russia’s Cryptocurrency Regulatory Framework
The carefully negotiated policy imposes strict capital limits and reserve requirements, effectively preventing institutions from making digital assets a core part of their business in Russia. Additionally, all existing anti-money laundering and counter-terrorism financing regulations will be strictly applied, with banks and exchanges having a duty to identify customers, trace the origin of funds, and block any non-compliant activities.
This decision builds on an experimental crypto regime for 2025, which allows wealthy individuals and companies to use digital assets for cross-border settlements. Eligibility for this program is exclusive, requiring individuals to hold at least 100 million rubles in deposits and securities and have an annual income of over 50 million rubles. The program is designed to test the efficiency of digital settlements, signaling a shift in Russia’s position on cryptocurrencies from prohibition to containment.
Sanctions Pressure and the Rise of Stablecoins
The urgency to develop a comprehensive cryptocurrency law is being driven by pressure from Russia’s financial sector, which has pushed for restrictions to be eased as Western sanctions continue and the ruble faces instability. The goal is to develop alternative financial channels that can operate outside the reach of the US dollar-dominated global system. This environment has accelerated the growth of the A7A5 stablecoin, a ruble-pegged digital asset that has grown to a market capitalization of $500 million.
Regulatory Scrutiny and the Future of Cryptocurrencies in Russia
Despite intense regulatory scrutiny, A7A5 manager Oleg Ogienko has defended the Russia-linked stablecoin, insisting that it is a legitimate payment instrument that operates in accordance with Kyrgyzstan’s laws and has “nothing to do with money laundering.” The adoption of A7A5 is surging in Asia, Africa, and Latin America, facilitating billions of dollars in trade for Russian companies and their partners. As Russia continues to explore the controlled adoption of cryptocurrencies, it remains to be seen how the regulatory landscape will evolve.
For more information on Russia’s cryptocurrency regulations and the rise of stablecoins, visit https://crypto.news/russia-allows-banks-to-engage-in-crypto-under-tight-rules/
