Russia’s Crypto Crackdown: Banks Can Now Offer Crypto Services, But Not Without Strings

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Russia’s Central Bank opens the gates for select banks to offer regulated crypto services-under tight AML, transparency, and capital controls, of course. Modernizing finance…but cautiously. 🙄

Oh, the drama! The Russian Central Bank has finally agreed to let a few lucky commercial banks dabble in the mystical world of crypto. But don’t get too excited! These “select” banks will be tightly shackled by a new web of regulations-because why not modernize finance, but with a dash of bureaucratic caution? This surprising twist comes after increasing pressure from Russia’s financial sector. They are trying to play catch-up with the rest of the world, while still clinging to their conservative crypto policy like a toddler with their blankie. 💼💰

Central Bank Sets the Stage-But Don’t Expect a Crypto Free-for-All

Here’s where it gets spicy: this new framework comes straight from the mouth of a top Central Bank manager. Apparently, cryptocurrency activities are still “critical”-but not critical enough to let anyone go wild. In fact, commercial banks are advised not to put all their eggs (or crypto coins) in this one basket. Because, you know, the Central Bank still thinks crypto is a bit too “wild” for balance sheets. So, in short, hold your horses and proceed cautiously. 🐴💸

Related Reading: EU Plans Sanctions on Russia-Linked A7A5 Stablecoin | Live Bitcoin News

The Deputy Chairman of the Central Bank explained this “revolutionary” decision. After consulting with the professional banking sector (yes, they actually talked to the banks first), they decided that banning them from crypto entirely would just be too much. So, in a fit of “reasonableness,” the bank set clear conditions for participation. This move, according to them, will reduce systemic risk. But let’s be real-it’s more like a controlled experiment. 💡

And then there’s the big “A” word-AML (Anti-Money Laundering). Yes, that’s right, all crypto transactions must be squeaky clean. All funds and identities must be transparent, because Russia knows better than anyone that crypto tends to attract, let’s say, “questionable” money. 💵💀

The agency rep went on to say that everyone involved needs to be properly identified-because why let shady characters join in? Banks, brokers, and exchanges now have the delightful task of keeping an eye on transactions to make sure nothing shady goes down. If any clients don’t meet the legal requirements, tough luck! No crypto for you. 🧐🚫

Russia’s Crypto Dreams: Will They Pass a Full Bill? We’ll See by 2026

As pressure mounts from the financial sector, it’s clear that banks want more freedom to play with crypto. Western sanctions and the volatile ruble aren’t helping, and banks are desperate for international settlement options. The Russian financial system needs to evolve-fast. 😬💣

But don’t get too excited, because Russia’s experimental legal regime (yes, experimental) has already been in place since early 2025. But only the “elite” are allowed to play in this sandbox. To participate, you need at least 100 million rubles in deposits and a yearly income north of 50 million rubles. If you’re not in the 1% club, sorry, no crypto for you. 🤑💸

Crypto holders can, however, sell their assets in Russia through national financial infrastructure (how convenient). Oh, and don’t forget-you can also play with foreign infrastructure for “other transactions.” The government is trying to balance the demands of domestic and international crypto enthusiasts, but at the same time, they’re making sure no one goes rogue. 😏🌍

The bank officials and Governor Elvira Nabiullina are now calling for the swift passing of a comprehensive cryptocurrency bill by 2026. Why? Because crypto in Russia needs to be “fully regulated,” obviously. The proposed bill will give crypto service providers a shiny new licensing regime, and also define the legal status of crypto entities. But until then, it’s all just a game of regulatory chess. 🧩♟️

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2025-10-11 01:48