Russia’s central bank is considering a model that would let banks and brokers operate crypto exchanges. The proposal would use a “notification process” based on existing banking permissions. Interfax reported the plan and cited comments from central bank governor Elvira Nabiullina. Nabiullina linked the approach to existing controls used by regulated institutions. She pointed to bank systems designed for anti-money laundering and countering terrorism financing. She said the central bank proposed this route because banks already run such compliance frameworks. Nabiullina was quoted saying banks and brokers could act as intermediaries using current licenses. She said this would avoid a separate full licensing process for exchange activity. The proposed method would still require oversight through the financial system. Risk limits and phased entry for regulated institutions The central bank also signaled limits on how much risk banks can take at the start. Nabiullina proposed a cap of one percent of a bank’s capital for crypto exposure. She framed the cap as a starting point while regulators watch how banks perform. She was quoted saying, “However, we would still like to limit the level of risk a bank takes in this area to one percent of capital.” She added, “Let’s start by seeing how banks operate within the one percent cap.” She said regulators could later decide whether to adjust the approach. The proposal comes as Russian financial groups show interest in crypto-linked services. In an earlier report, Russia’s largest bank, Sberbank, is preparing to issue crypto-backed loans. A spokesperson said the bank is ready to work with the central bank on regulation. Draft bill Classifies Crypto as Tradeable while Barring Domestic Payments The proposed licensing model aligns with a wider bill under development by the central bank and the Ministry of Finance. The draft would classify digital currencies and stablecoins as currency assets that can be bought and sold. It would still prohibit their use for domestic payments. The framework would apply tiered access rules for investors. Qualified investors would face no stated purchase limits in the draft outline. Non-qualified investors would be limited to annual purchases of up to 300,000 rubles. That equals about $3,800, based on the report. Russia, which threatened to block unlicensed crypto exchanges, also updated the criteria for “qualified investor” status last year. The guidance includes education and income thresholds. A person may qualify with a finance master’s degree or a high annual income. The property threshold is set to rise on Jan. 1, 2026. Deputy Finance Minister Ivan Chebeskov said the bill is set for submission in March. Interfax reported his comments. The main regulatory framework is expected to take effect on July 1, 2026. BRICS payment efforts and sanctions concerns shape the backdrop The policy debate is unfolding as BRICS members work on a cross-border payment option. Reports have described a blockchain-based system called “BRICS Pay” or “BRICS Bridge.” The goal is to support local currency settlement and reduce reliance on SWIFT. Some reporting says pilot transactions have occurred among Russia, China, the UAE, and Iran. The effort is framed as a way to limit exposure to sanctions and payment disruption. However, separate compliance concerns also remain in focus around crypto flows tied to Russia. A report from analytics firm Elliptic earlier in February described a network of Russia-linked exchanges used for high-volume transactions. It said several platforms were not sanctioned and still provided access outside banks. Taken together, the draft bill and bank licensing proposal point to a regulated trading model. The approach keeps a domestic payments ban while expanding supervised market access.
