Russia Prepares to Regulate Cryptocurrency Exchanges with Simplified Licensing

Russia's central bank is exploring a new regulatory framework that would allow banks and brokerage firms to operate cryptocurrency exchanges under simplified licensing rules. The proposed framework includes strict limits on bank exposure to cryptocurrency markets, with initial caps set at one percent of capital. Regulators plan to monitor the market closely before expanding the framework.

The draft legislation also introduces a tiered system for investor participation, allowing qualified investors to purchase unlimited amounts of crypto assets while limiting non-qualified investors to RUB 300,000 per year. The classification of cryptocurrencies and stablecoins as currency assets will be formalized under the proposed framework, but domestic payments using digital assets remain banned.

Industry observers predict that the system could shift a significant portion of Russia's crypto trading activity from independent platforms toward major banks. Sberbank, Russia's largest bank, is reportedly exploring services such as crypto-backed lending.