The Bank of Russia has proposed allowing banks and brokerage firms to obtain licenses to operate crypto exchanges, a move that would place traditional financial institutions at the center of the country’s future regulated digital asset market.
The proposal was outlined by Central Bank Governor Elvira Nabiullina at an annual meeting with credit organisations. According to the regulator, existing financial institutions already have compliance infrastructure that could be used to supervise crypto transactions.
“We hope that the vast experience of banks in AML/CFT and fraud prevention will help protect your clients in the crypto market,” Nabiullina said.
Under the proposed framework, banks and brokers would be able to obtain crypto exchange licenses through a notification-based procedure rather than a separate licensing process. In practice, this would allow them to offer crypto services using their existing financial licenses.
A Financial Sector–Led Model
The proposal forms part of a broader regulatory framework the authorities are developing for digital assets in Russia. Under the plan, cryptocurrencies and stablecoins would be classified as “currency valuables,” allowing them to be owned and traded while restricting their use as a domestic means of payment, with limited exceptions for foreign trade.
At the same time, crypto transactions by Russian residents would have to be conducted through licensed intermediaries such as banks and brokers.
The framework would also introduce investor protections, including a mandatory knowledge test for unqualified investors and an annual purchase limit of 300,000 rubles for liquid cryptocurrencies through a single intermediary.
In addition, the regulator intends to prohibit trading in anonymity-focused coins such as Monero and Zcash.
[#highlighted-links#]
Industry Reaction
Some figures in Russia’s crypto community criticised the proposal. Russian crypto entrepreneur Sergey Mendeleev said the plan appeared aimed at transferring crypto exchange activity from existing market operators to major banks, adding that “crypto markets don’t work that way.”
Dmitriy Machikhin, founder of crypto compliance provider BitOK, also expressed skepticism about the model. He said crypto users are likely to retain the option of trading through international platforms rather than relying exclusively on domestic intermediaries.
“The regulator wants to bring the market under its control,” Machikhin wrote, adding that the decentralized nature of crypto means users will continue to choose between regulated domestic services and independent exchanges.
The Central Bank has also indicated that penalties may be introduced for crypto transactions conducted outside the future regulatory framework, with a potential implementation timeline extending to 2027.
For Russia’s brokerage sector, the proposal could open a new line of business if adopted. Instead of competing with crypto platforms operating outside the financial system, licensed brokers and banks would act as intermediaries for regulated digital asset trading. The proposal remains under discussion, and final rules for the market have not yet been adopted.
