The Bank of Russia is set to permit local banks to engage in limited cryptocurrency operations with stringent regulatory oversight — a cautious yet significant move toward integrating bitcoin and other digital currencies into the nation’s financial ecosystem.
First Deputy Chairman Vladimir Chistyukhin announced this decision at the Finopolis fintech forum this week. He stressed that while the central bank maintains conservative attitudes toward decentralized assets like bitcoin, it acknowledges the increasing importance of cryptocurrencies in the contemporary economy.
“We maintain conservative views and are considering how feasible it is for the banking sector to incorporate cryptocurrency into its assets,” Chistyukhin reportedly stated. “After conversations with the professional banking community, we have determined that it would be unwarranted to exclude banks from participating in such operations.”
Under the proposed framework, banks will face stringent limitations — including a cap on crypto exposure of 1% of their total capital and increased reserve requirements to mitigate potential systemic risks.
Earlier this year, reports indicated that Russia has been utilizing bitcoin to facilitate oil trades with China and India, enabling it to circumvent Western sanctions linked to the conflict in Ukraine.
Monthly crypto-based oil transactions reached tens of millions of dollars through intermediaries converting yuan or rupees into digital currencies.
Anti-money laundering regulations
The Bank of Russia will also mandate that participating institutions strictly adhere to anti–money laundering (AML) regulations, which include obligatory client identification and complete transaction transparency.
Chistyukhin emphasized that these measures are critical to prevent banks from transforming crypto-related activities into their primary business.
“All individuals must be identified, investments must be transparent, and sources of funds must be clear,” he remarked, highlighting that the global community is becoming increasingly aware of the risks posed by cryptoassets, including money laundering and financing of terrorism.
This initiative follows extended pressure from Russia’s financial sector to relax restrictions in light of Western sanctions and a declining ruble.
Domestic interest in cryptocurrency exposure has surged as businesses and investors seek alternatives for cross-border transactions and capital preservation.
Launched earlier in 2025, Russia’s experimental legal framework for digital assets already permits qualified institutions and high-net-worth individuals to use crypto for international settlements.
To qualify, individuals must possess at least 100 million rubles in assets and report an annual income exceeding 50 million rubles.
Both Chistyukhin and Central Bank Governor Elvira Nabiullina have advocated for the rapid implementation of a comprehensive cryptocurrency law by 2026. The proposed legislation aims to establish licensing requirements for crypto service providers and clarify the legal standing of digital asset entities in Russia.
According to Chistyukhin, approximately 20 million Russians currently engage with digital assets in some form.
