Russia’s central bank plans to allow domestic banks to conduct limited crypto operations under close supervision, with exposure capped at 1% of total capital. The move marks a notable shift for a regulator that has long been cautious about bitcoin, though it comes with strict client identification and anti-money laundering requirements.
🔑 Key takeaways
- Domestic Russian banks will be permitted to conduct limited crypto activities under enhanced supervision.
- The framework caps crypto exposure at 1% of a bank’s total capital.
- Participants must identify clients, ensure transparent fund sources and fully comply with AML rules.
- The legal status of the rules and the level of additional reserve requirements remain unclear in the sources.
A Cautious Opening Under Tight Supervision
On October 10, 2025, at the Finopolis forum, the Bank of Russia said domestic banks could carry out limited cryptographic activities. According to Bitcoin Magazine, the decision marks a notable change in tone for an institution that had until now been highly prudent about decentralized assets such as bitcoin. Interfax, as reported by Yahoo Finance, describes it as the first authorization of its kind granted by the regulator.
Vladimir Chistyukhin, the Bank of Russia’s first deputy governor, summarized the reasoning. After discussions with the professional banking community, the central bank concluded that excluding banks from such operations would be unjustified. He stressed that the institution remained conservative about whether cryptocurrency should be part of banks’ assets, while acknowledging the growing role of such assets in the modern economy.
That caution is built into the design. Participating banks must identify their clients, ensure transaction transparency and prevent money laundering and terrorist financing, as well as any shift that would turn crypto activity into a bank’s core business. In Chistyukhin’s words, “All individuals must be identified, investments must be clear, and sources of funds are transparent.”
A Framework Still Taking Shape: Caps, Reserves and Identification
The proposed framework rests on three pillars. The first is a 1% exposure cap on total bank capital allocated to cryptocurrencies. The second is stronger reserve requirements, although the exact level is not specified in the available excerpts. The third is full compliance with anti-money laundering (AML) and counter-terrorist financing rules.
The cap is not entirely new. A Bank of Russia letter published in May already recommended that lenders limit their crypto exposure to roughly 1% of capital while new risk measurement rules were being developed. Bitcoin Magazine nonetheless describes the cap as part of a “draft framework,” whereas Interfax refers to a decision already taken.
The Experimental Regime Proposed in March 2025
On March 12, 2025, the Bank of Russia proposed that the government restrict crypto transactions to “particularly qualified” investors and introduce a three-year experimental regime. The table below summarizes the thresholds reported by different outlets, which disagree on whether they apply cumulatively or as alternatives.
| Criterion | Reported threshold | Reading of the sources |
|---|---|---|
| Securities and deposits | Over 100 million rubles (about $1.1 million) | Presented as alternative in the official statement |
| Income for the past year | Over $575,000 | Presented as alternative in the official statement |
| Annual income in other reports | Over 50 million rubles per year | Figure cited by secondary reports |
The central bank specified that people outside the experiment could not make crypto payments, since it does not regard cryptocurrencies as a means of payment. Outside this regime, qualified investors could still buy settlement instruments, securities and digital financial assets that do not deliver cryptocurrency but whose returns are linked to its value.
“Therefore, investors, when deciding to invest in cryptocurrencies, must be aware that they are taking on the risks of potential loss of their funds.”
Bank of Russia, March 2025 statement
Open Questions
Several points remain unresolved. The excerpts do not clarify whether the implementing text is in force, the precise level of additional reserves, or the exact scope of the newly authorized activities. The move from a March proposal to a regime described as launched later in 2025 reflects a chronology rather than a contradiction. However, the description of a “first authorization” sits alongside services already offered by Sberbank, Rosbank and Promsvyazbank, leaving the real reach of the measure open.
Measurable Domestic Adoption and a Long Regulatory Path
The opening responds to demand that is already visible. Deputy Finance Minister Ivan Chebeskov estimates that about 20 million Russians use cryptocurrencies “for various purposes.” According to TASS, citing the Bank of Russia, combined wallet balances on exchange platforms reached 827 billion rubles, or about $10.15 billion, at the end of March 2025, up 27% year on year.
| Asset | Share of exchange balances |
|---|---|
| Bitcoin | 62.1% |
| Ether | 22% |
| USDT and USDC | 15.9% |
The central bank plans a survey of crypto investments and crypto lending between January and February 2026. Chebeskov argued that the state must build domestic infrastructure to protect users and capture “economic and technological benefits” for the country.
The shift is older than the current proposal. In a 2022 report, the Bank of Russia judged that the “potential for cryptocurrencies for settlements seems limited” and warned of “signs of a financial pyramid,” as price gains were largely driven by demand from new market participants. In July 2024 the State Duma passed a law allowing cryptocurrencies in international settlements. In August, Vladimir Putin announced the legalization of mining, and a presidential decree legalized experimental use of cryptocurrencies in international payments and currency operations.
“No one can prohibit the use of Bitcoin.”
Vladimir Putin, President of Russia, Russia Calling forum
Chistyukhin and Governor Elvira Nabiullina later called for a comprehensive crypto law by 2026, formalizing provider licensing obligations and the legal status of entities operating in digital assets. Such a law would anchor a framework that today is spread across decrees, pilot schemes and sector-specific texts.
Banks Already Active Under Sanctions Pressure
Crypto services already existed in the banking sector. According to RAND, major Russian banks offered a range of crypto-related services. Sberbank, the country’s largest retail bank, reaffirmed its support for alternative payments and its intention to offer custody services. Vladimir Potanin, owner of Rosbank, launched an international crypto transaction service in June 2023 and defends tokens backed by commodities.
RAND also notes that Promsvyazbank, a bank supporting the defence sector and recapitalized by the state in 2018, facilitated large-scale financial flows through Kyrgyzstan using a stablecoin pegged to the ruble. Olga Skorobogatova, former head of an unfinished central bank digital currency project, joined the board of VTB, a sanctioned bank, to develop its international payments infrastructure.
The backdrop is growing pressure from the financial sector to loosen restrictions because of Western sanctions and a weakening ruble. Bitcoin Magazine cites bitcoin being used to settle oil trades with China and India, reaching several tens of millions of dollars a month through intermediaries converting yuan or rupees into digital assets. RAND places this within Moscow’s strategy of preserving access to international markets, and cites Rosfinmonitoring head Yuri Chikhanchin’s reported emphasis on gold, cryptocurrencies and netting, a method that bundles payments to reduce their number and financial exposure.
Opaque Channels and Detection Tools
Chainalysis counted more than 100 crypto platforms without a “Know Your Customer” procedure in 2024. In September 2024, German federal police seized the infrastructure of 47 of them, mainly serving Russian customers. RAND links these channels to a longer history of opaque exchanges, and recalls the Danske Bank and Swedbank cases, which became conduits for Russian money after the 2014 sanctions.
A separate study by Lana Stern, published in September 2025 in the Journal of Economic Criminology, compares Russia, the European Union, the United States and Malta on anti-laundering mechanisms within retail central bank digital currencies. It examines ledger visibility, programmable transaction limits, sanctions screening and privacy levels. Its scope is distinct from the authorization granted to Russian banks: it addresses detection of money laundering, not banks’ access to crypto assets.
Outlook and Scenarios
The authorization looks more like a change of framework than a doctrinal break. It turns existing practices into a supervised activity under a cap. The 1% limit mechanically restricts each institution’s exposure, but its systemic effect will depend on how many banks participate and on the final level of reserve requirements, which has yet to be confirmed.
Three scenarios stand out. In the first, the comprehensive crypto law expected by 2026 clarifies licensing, legal status and scope, and the pilot gradually expands. In the second, rules remain sector-specific and access stays limited to qualified investors, keeping the domestic market impact modest. In the third, tighter AML controls or fresh international pressure slow the rollout. The investment and lending survey due in early 2026 will be a key indicator to watch.
Sources
- Yahoo Finance (Interfax report)
- Lana Stern, Journal of Economic Criminology, September 2025
- RAND commentary, August 2025
- Bitcoin Magazine, October 10, 2025
- Anadolu Agency, March 2025
This article is published for informational and educational purposes only. It does not constitute investment advice in any way. Do your own research (DYOR) before making any decision.
