Russia Proposes Crypto Exchange Licenses For Banks

In Brief

• Russia proposes letting banks run crypto exchanges.
• Licenses could be granted through a simple notification process.
• Banks may face a 1% capital limit on crypto exposure.

Russia’s central bank is proposing a new regulatory framework that would allow banks and brokerage firms to operate cryptocurrency exchanges under their existing licenses. The plan was outlined by Central Bank Governor Elvira Nabiullina during a meeting with lending institutions. If implemented, the approach would introduce a regulated crypto trading infrastructure through traditional financial institutions.

Banks Could Enter Crypto Exchange Market

Under the proposal, banks and brokers would be able to obtain authorization to run crypto exchanges through a notification process, rather than applying for a completely new license, according to a report on March 5.

Nabiullina said the central bank expects financial institutions to rely on their existing compliance systems, particularly those used for anti-money laundering and fraud prevention. As she said during the meeting:

“We hope that your extensive banking experience in AML/CFT, as well as your experience in countering fraud, will help protect your clients in the crypto market once it is legalized.”

The central bank believes the current regulatory and compliance infrastructure used by banks could serve as a foundation for supervising crypto transactions.

“Therefore, 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, given that your system is built specifically for AML/CFT.”

However, regulators are also considering limits on exposure to the sector. Under the proposal, banks would initially not be able to allocate more than 1% of their capital to crypto-related activities.

Officials say the cap would allow regulators to monitor risks before expanding the program further.

Russia’s Broader Crypto Regulation Plan

The licensing proposal is part of a broader framework Russia is developing to regulate digital assets.

In December 2025, the central bank submitted a concept to the government outlining the possible integration of crypto assets into the country’s financial system. The plan recognizes digital currencies and stablecoins as financial assets that can be bought and sold, though they would still be prohibited as a method of payment within Russia.

The framework also distinguishes between investor categories. Qualified investors would be able to purchase crypto without restrictions, whereas non-qualified investors would face limits of up to 300,000 rubles per year, about several thousand dollars, through a single intermediary.

The proposed legislation should reach the State Duma in March, with officials aiming to pass the bill during the spring legislative session. If adopted, the framework would mark one of Russia’s most significant steps toward formally regulating crypto trading through established financial institutions.