Central Bank of Russia "Limited permission for banks to handle cryptocurrencies… capital caps and reserve regulations to be applied together"
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- The Central Bank of Russia said it plans to allow domestic banks to participate in cryptocurrency-related operations on a limited basis.
- It said banks' cryptocurrency exposure will be limited to within 1% of their own capital, and strict regulation such as capital caps and reserve requirements will be implemented alongside.
- It said it expects legislation covering cryptocurrency investment overall next year and the market entry of legitimate service providers.
- The article was summarized using an artificial intelligence-based language model.
- Due to the nature of the technology, key content in the text may be excluded or different from the facts.
The Central Bank of Russia plans to allow domestic banks to participate in virtual asset (cryptocurrency)-related activities on a limited basis. However, to prevent excessive risk, it intends to implement strict regulations alongside, such as capital caps and reserve requirements.
On the 9th (local time), according to crypto asset specialist media Cryptopolitan, Vladimir Chistyukhin, Senior Deputy Governor of the Central Bank of Russia (CBR), said at the fintech forum 'Finopolis', "We are fundamentally conservative, but we judged that completely excluding banks from the cryptocurrency market is not wise."
He explained, "We are reviewing whether a bank holding cryptocurrencies as assets falls under traditional banking, but after discussion we decided not to ban such transactions entirely." He added, "We plan to impose strict requirements so that crypto-related activities do not become a bank's core business."
The Central Bank of Russia has maintained the toughest stance on the free circulation of cryptocurrencies, but after the prolonged Western sanctions, it introduced an 'experimental legal framework' this year that allows some limited uses of cryptocurrencies. Through this, companies can use cryptocurrencies for international payments, and 'professional investors' meeting certain requirements can trade cryptocurrencies and related derivatives.
The central bank also proposed a draft to limit banks' cryptocurrency exposure to within 1% of their own capital.
Deputy Governor Chistyukhin said, "I expect a law covering cryptocurrency investment in general to be enacted next year," and "This bill will include a licensing system to allow legitimate cryptocurrency service providers to enter the market by the end of 2026."
Elvira Nabiullina, Governor of the Central Bank of Russia, also said, "I expect the bill on cryptocurrency investment to be submitted to the State Duma (the lower house) soon."
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