Russia mulls simplified crypto exchange licensing for banks via notification process: report

Russia's central bank is considering a framework that would allow banks and brokerage firms to operate crypto exchanges through a simplified licensing pathway tied to their existing financial permits. 

Under the proposal, institutions could obtain authorization through a "notification process" rather than applying for a new full license, Interfax reported Thursday, citing remarks from Central Bank of Russia Governor Elvira Nabiullina.

The governor framed the proposal as an extension of the existing financial system, citing the banking sector's infrastructure for anti-money laundering and countering the financing of terrorism as a key reason for the streamlined entry.

"[We] have proposed allowing banks and brokers to obtain crypto exchange licenses through a notification process and to act as intermediaries based on their current banking licenses, given that your system is built specifically for AML/CFT," Nabiullina said, per the report.

The central bank governor also outlined a cautious approach to risk, proposing a temporary threshold for banks' involvement in the asset class. 

"However, we would still like to limit the level of risk a bank takes in this area to one percent of capital," Nabiullina added. "Let's start by seeing how banks operate within the one percent cap, and then see whether we need to move forward."

Broader regulatory push

The proposed licensing model coincides with the development of a bill on crypto assets by the Bank of Russia and the Ministry of Finance. The draft legislation classifies digital currencies and stablecoins as currency assets that can be bought and sold but prohibits their use for domestic payments.

The framework would introduce tiered access for market participants. Qualified investors would face no restrictions on asset purchases, while non-qualified investors would be limited to annual purchases of up to 300,000 rubles ($3,800) through a single intermediary.

The central bank updated its criteria for "qualified investor" status last year, introducing academic and income-based thresholds. Under the guidance, individuals may qualify through a master's degree in finance, annual income of at least 20 million rubles ($253,000), or by meeting a property-based requirement set to increase from 12 million rubles ($151,000) to 24 million rubles ($302,000) on Jan. 1, 2026.

Deputy Finance Minister Ivan Chebeskov said that the bill is set to be submitted to the State Duma in March, Interfax reported. The primary regulatory framework is expected to take effect on July 1, 2026.