Crypto Clash in Russia: Central Bank Tightens Grip, Lawmakers Push for Legalization

The Central Bank of Russia (CBR) is preparing to introduce stricter regulatory measures for banking operations involving cryptocurrencies in an effort to mitigate financial and systemic risks. According to the TASS news agency and the Russian crypto news outlet Bits.media, the CBR has informed dozens of banks about the upcoming changes and urged them to adopt a cautious approach to crypto-related transactions in the interim [1]. The new rules, expected to take effect by 2026, will outline capital requirements and standards for both direct and indirect crypto investments, applying to digital asset-linked financial instruments and loans extended to crypto companies [1].

Under the proposed framework, banks will be required to provide full risk coverage for the nominal value of their crypto instruments, with exposure limited to no more than 1% of their capital [1]. This aligns with the CBR’s broader strategy to manage the growing presence of cryptocurrencies in the Russian financial system. Although the CBR has historically been one of the strongest opponents of crypto legalization in Russia, recent geopolitical developments, including Western sanctions that restricted access to global financial channels, have prompted the bank to allow limited use of cryptocurrencies for foreign trade [1]. In May 2025, the CBR authorized financial institutions to offer Bitcoin futures to a limited group of “highly qualified” investors, resulting in $16 million in investments within a month [1].

At the same time, a growing number of Russian lawmakers are challenging the CBR’s conservative stance, advocating for the legal recognition of crypto exchanges. A group of deputies from the liberal “New People” party, including Anton Tkachev, Yaroslav Samylin, and Georgy Arapov, has urged the CBR to establish a licensing model for crypto exchanges with clear capital requirements and compliance standards [2]. These lawmakers argue that legalizing crypto trading could reduce the size of the shadow market, protect investors from fraud, and increase trust in the financial system. They also emphasized that such a move would give the state better oversight of financial flows and help curb illegal activities [2].

The push for legalization comes amid a broader regulatory shift in preparation for the digital ruble, Russia’s central bank digital currency (CBDC), which is set to be introduced in stages beginning in September 2026 [1]. In recent months, Russia has updated anti-money laundering and national payment laws to strengthen regulatory oversight of crypto transactions and to facilitate the digital ruble’s rollout [2]. The CBR has also warned citizens about the risks associated with using unregulated crypto exchanges, particularly peer-to-peer platforms, which can lead to suspicious transactions and account freezes [3].

Despite the CBR’s cautious approach, crypto adoption among Russians has continued to rise, with estimates suggesting over $25 billion in digital assets held within the country [1]. The finance ministry, which has shown a more favorable stance toward decentralized digital assets, has proposed a state-run exchange for qualified investors in collaboration with the CBR [1]. However, ordinary citizens remain largely excluded from legal access to crypto trading, contributing to the persistence of the gray market.

The debate over crypto regulation in Russia reflects the tension between the government’s desire for control and the reality of widespread digital asset ownership. As the CBR moves forward with its regulatory overhaul, the pressure for a more flexible approach to crypto is likely to intensify, particularly if lawmakers continue to advocate for the legalization of crypto exchanges.

Source:

[1] Bank of Russia prepares stricter rules for crypto operations (https://www.mitrade.com/insights/news/live-news/article-3-1070964-20250827)

[2] Russia May Finally Allow Citizens to Trade Crypto Legally (https://coindoo.com/russia-may-finally-allow-citizens-to-trade-crypto-legally/)

[3] Lawmakers urge Bank of Russia to license cryptocurrency ... (https://www.cryptopolitan.com/lawmakers-urge-russia-to-license-crypto/)