Russia Now Allows Banks To Engage In Restricted Crypto Operations
In its latest move toward integrating cryptocurrencies into its financial framework, Russia has announced that domestic banks will be granted permission to engage in limited crypto operations under stringent regulatory conditions.
Vladimir Chistyukhin, the First Deputy Chairman of the Bank of Russia, highlighted that this cautious approach aims to prevent commercial banks from making cryptocurrency trading their primary focus.
New Role Of Banks In Crypto Assets
Chistyukhin emphasized the need for strict capital and reserve standards, asserting that while excluding banks from cryptocurrency transactions would be unjustified, it is essential to maintain conservative views on the banking sector’s involvement with digital assets. In his statement, Chistyukhin asserted:
To mitigate risks associated with money laundering and terrorism financing, all transactions involving digital assets will be subject to existing anti-money laundering (AML) regulations.
Chistyukhin noted the importance of transparency in these transactions, stressing that all parties involved must be adequately identified and that the sources of funds must be clear.
This regulatory framework aims to ensure that banks, brokers, and exchanges are held accountable for monitoring illegal transactions, with strict penalties for those who fail to comply. Chistyukhin added:
Bank Of Russia To Conduct Major Digital Asset Audit
In a related development, the Bank of Russia is planning a comprehensive audit of the nation’s cryptocurrency holdings and activities, set to take place in early 2026.
As reported by Bitcoinist earlier this week, this audit will assess investments in digital assets by regulated financial institutions and investigate any lending or financing associated with crypto businesses.
The central bank intends to cross-reference data from various sources, including miners, exchanges, and the Federal Tax Service, to identify discrepancies between reported activities and actual transactions.
But while Russia continues to develop its regulatory landscape for digital assets, a divide has emerged among government agencies. While some ministries advocate for clearer regulations and taxation for crypto operations, the central bank appears to favor a more cautious approach, prioritizing financial stability over rapid integration.
Featured image from DALL-E, chart from TradingView.com
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