Russian Banks to Become Cryptocurrency Exchanges — Nabiullina, 2026/03/05 14:00:26

The Bank of Russia has proposed amendments to legislation that would enable banks and brokers to operate as cryptocurrency exchanges without requiring an additional license, functioning instead through a notification process. This was announced by the chairperson of the Central Bank, Elvira Nabiullina.

Nabiullina clarified the rationale for selecting banks as intermediaries for cryptocurrency transactions, citing their existing systems for combating money laundering and financing terrorism. This is deemed essential when dealing with digital assets, according to the head of the Central Bank. 

The Central Bank also aims to limit the volume of transactions with digital assets for banks to no more than 1% of the credit institution’s capital, Nabiullina reported. 

The Central Bank, in collaboration with the Ministry of Finance, has developed a legislative package for regulating the cryptocurrency market. Under the proposed amendments, only financial organizations with a banking license and a monthly turnover exceeding 3.5 million rubles will be permitted to operate as cryptocurrency exchanges. Through a licensed cryptocurrency exchange, Russian citizens will be able to deposit funds from digital currencies purchased abroad into their bank accounts or transfer money to foreign platforms, as well as sell cryptocurrencies and deposit the proceeds from such transactions into accounts at Russian banks. The Central Bank anticipates that the draft law will be enacted by July 1. Authorities also plan to introduce penalties for violations of cryptocurrency circulation laws, but this is expected to occur later, in 2027. 

Furthermore, the Central Bank intends to allow mutual investment funds to purchase cryptocurrencies. This specifically pertains to the direct acquisition of cryptocurrencies, rather than derivative financial instruments.