The Bank of Russia will reportedly allow domestic banks to conduct limited crypto operations under tight regulatory oversight — a cautious but notable step toward integrating bitcoin and other digital assets into the country’s financial system.
First Deputy Chairman Vladimir Chistyukhin announced the decision during the Finopolis fintech forum this week. He emphasized that while the central bank remains conservative on decentralized assets like bitcoin, it recognizes the growing role of crypto in the modern economy.
“We hold conservative views and think about how appropriate it is for the banking sector to include cryptocurrency in its assets,” Chistyukhin reportedly said. “After discussions with the professional banking community, we concluded that it would be unjustified to exclude banks from such operations.”
Under the draft framework, banks will be subject to strict limitations — including a cap on crypto exposure at 1% of their total capital and elevated reserve requirements to contain potential systemic risks.
Earlier this year, it was reported that Russia is using bitcoin to settle oil trades with China and India, helping it bypass Western sanctions tied to the war in Ukraine.
Their monthly crypto-based oil transactions reached tens of millions of dollars through intermediaries converting yuan or rupees into digital assets.
Anti-money laundering rules
The Bank of Russia will also require participating institutions to comply fully with anti–money laundering (AML) regulations, including mandatory client identification and full transaction transparency.
Chistyukhin underscored that these measures are essential to prevent banks from turning crypto-related activities into their core business.
“All individuals must be identified, investments must be clear, and sources of funds must be transparent,” he added, noting that the international community has become increasingly aware of the risks associated with cryptoassets, including money laundering and terrorist financing.
The initiative follows months of pressure from Russia’s financial sector to loosen restrictions amid Western sanctions and a weakening ruble.
Domestic demand for crypto exposure has surged as businesses and investors seek alternatives for cross-border transactions and capital preservation.
Russia’s experimental legal regime for digital assets, launched earlier in 2025, already allows qualified institutions and high-net-worth individuals to use crypto for international settlements.
To qualify, individuals must hold at least 100 million rubles in deposits and securities and report annual income above 50 million rubles.
Both Chistyukhin and Central Bank Governor Elvira Nabiullina have called for swift adoption of a comprehensive cryptocurrency law by 2026. The proposed legislation would formalize licensing requirements for crypto service providers and clarify the legal status of digital asset entities in Russia.
According to Chistyukhin, roughly 20 million Russians currently use digital assets in some capacity.
