Russia's central bank is considering a plan to let banks and brokerage firms operate cryptocurrency exchanges using a simplified notification process tied to their existing licenses. Governor Elvira Nabiullina presented the proposal as a way to integrate digital assets into the country's financial infrastructure while managing risks. The move is part of broader efforts to establish a regulatory framework for cryptocurrencies, effective from July 2026.
Russia's Central Bank, led by Governor Elvira Nabiullina, is exploring a streamlined approach to licensing that would enable banks and brokerage firms to launch cryptocurrency exchanges. According to reports from Interfax, Nabiullina shared this idea during a meeting with Russian lending institutions. The plan would allow these institutions to gain authorization through a simple notification process, leveraging their current banking or brokerage licenses rather than seeking new standalone approvals.
Nabiullina emphasized the role of existing compliance systems in overseeing digital assets. "We have proposed allowing banks and brokers to obtain crypto exchange licenses through a notification process and to act as intermediaries based on their current banking licenses," she stated. These systems, designed for anti-money laundering and countering the financing of terrorism, would help protect customers in the crypto market.
To mitigate risks, the proposal includes a cap on banks' exposure to cryptocurrency activities at 1% of their capital. "Let’s start by seeing how banks operate within the one percent cap, and then see whether we need to move forward," Nabiullina added. This cautious integration aligns with a larger regulatory push by the Central Bank and the Ministry of Finance.
In late 2025, the central bank submitted a concept to the government recognizing cryptocurrencies and stablecoins as tradable assets through regulated intermediaries like exchanges, brokers, and trustees. However, cryptocurrencies remain banned for domestic payments, serving only as investment instruments.
Draft legislation is slated for the State Duma in the spring session, potentially as early as March, with implementation starting July 1, 2026. Access to crypto markets would be tiered: qualified investors face no purchase limits, while non-qualified ones are restricted to 300,000 rubles (about $3,800) annually via one intermediary.
The definition of qualified investors, updated last year, includes criteria such as a master's degree in finance, annual income of at least 20 million rubles, or property ownership thresholds that will rise from 12 million to 24 million rubles in 2026. Earlier, in January, Anatoly Aksakov, head of the State Duma's Financial Market Committee, noted preparations for a comprehensive crypto framework, aiming for a parliamentary vote by June's end.