Central Bank of Russia Allows Select Banks to Offer Crypto Services
The Central Bank of Russia (CBR) announced it will permit certain commercial banks to engage in crypto-related activities. This marks a shift toward greater acceptance of blockchain finance under strict regulatory control.
According to local crypto media outlet Bits, only a limited number of banks meeting specific criteria will receive permission. These banks must demonstrate their ability to manage operational, legal, and financial risks associated with digital assets.
The CBR emphasized that crypto operations should remain secondary to banks’ core business. This aims to limit risk exposure to the wider financial system.
Controlled Access to Crypto Services
Central bank officials said the move balances innovation with macroeconomic stability. Allowed activities will likely include dealing in digital financial assets, offering crypto-linked investment products for qualified investors, and providing regulated custody and settlement services.
The CBR does not plan to legalize unregulated retail crypto access or speculative trading by banks.
The bank is working with other financial institutions to develop a regulatory framework. This framework will cover risk controls, capital adequacy, and reporting requirements. It may include a pilot project with major banks such as Sberbank and VTB, which have begun experimenting with blockchain technology.
Growing Crypto Activity in Russia
This policy change comes amid rising crypto activity in Russia. Earlier reports show Russian users conduct tens of billions of dollars in crypto transactions annually.
Previously, the central bank and government opposed cryptocurrency adoption. Now, they seek to integrate digital assets into the financial system in a controlled and beneficial way.
In March 2025, the CBR proposed a three-year trial allowing certain investors to trade cryptocurrencies under a test program.
Although crypto remains banned as a payment method, this step shows regulators view blockchain and digital assets as tools for financial innovation. It also supports investment diversification amid Western sanctions. The CBR insists that risks to investors, depositors, and markets must be fully addressed before expanding crypto use.
