Cryptocurrencies enter banks: how regulators are legalizing digital assets in Russia
The Central Bank of Russia has proposed allowing banks and brokers to launch crypto services based on existing licenses. This is a key step toward legalizing the digital assets market, which currently operates outside regulatory oversight and tax frameworks. Regulators have acknowledged the scale of these operations and their impact on the economy.
According to the Ministry of Finance, daily cryptocurrency turnover in the country reaches 50 billion rubles, with annual volume exceeding 10 trillion rubles. These flows are not reflected in the balance of payments and are not taxed. Moreover, mining—which generates actual export revenue—previously caused inaccuracies in ruble exchange rate forecasts. Legalization will bring these funds back into official statistics and state control.
For citizens, the main advantage is security. Currently, Russians must rely on foreign platforms, risk card blocks under Law 115-FZ on anti-money laundering, or interact with P2P platforms where fraud rates are high. A banking interface and guarantees will be strong incentives to move transactions out of the "gray" zone.
Transition from the "Wild West" to a regulated market
Today, most cryptocurrency transactions flow through three main channels:
- P2P platforms on crypto exchanges: Users directly connect to trade. The primary risk is bank card blocking under Law 115-FZ.
- Online exchangers: Suitable for small amounts, where platform reputation is critical—often verified via aggregators like bestchange.ru.
- Offline exchangers: A niche for large deals and users valuing privacy. Physical exchange points are concentrated in business centers such as Moscow-City.
After the expected passage of the law by the end of 2026, the landscape will change fundamentally. Banks and brokers will be able to offer cryptocurrency purchases—primarily stablecoins like USDT—directly within their mobile apps. As a digital dollar, USDT has become a key "bridge" between the ruble economy and the global market for Russian businesses and individuals.
Structure of the new regulated market
Legalization through banks will establish clear rules:
- Customer identification: Simplified procedures will apply to transactions under 100,000 rubles. Above that threshold, full KYC (Know Your Customer) procedures will be required.
- Investor limits: For non-qualified investors, a yearly purchase limit per intermediary is likely—around 300,000 rubles.
- Judicial protection: Cryptocurrencies acquired through regulated intermediaries will become legally recognized assets. This will allow victims of fraud to seek recovery through courts—a possibility that currently exists only in theory.
- Liability of foreign platforms: Foreign exchanges wishing to operate in Russia must establish a local legal entity and comply with domestic laws.
Risks and consequences of legalization
The main trade-off for users is complete loss of financial privacy. Crypto transactions through banks will be as transparent as stock market trades. While this is a win for regulators, it’s an unacceptable condition for some users.
Another major risk is economic cryptoization and digital dollarization. IMF researchers warn that in countries with unstable national currencies, widespread use of stablecoins like USDT undermines central banks’ monetary policy. Russian authorities, by allowing banks to trade crypto, aim to manage this process—but the risk of mass migration to USDT during ruble volatility remains high.
Key takeaways
- Regulators have recognized the scale of the unregulated crypto market (10 trillion rubles in annual turnover) and its macroeconomic impact.
- Legalization via banks will make transactions safer for average users but eliminate anonymity entirely.
- The key asset for the legal market will be the stablecoin USDT, serving as a "digital dollar" and gateway for cross-border transactions.
- New rules will introduce limits, mandatory identification, and judicial protection for digital assets.
- The risk of "digital dollarization" remains one of the biggest challenges for national monetary policy.
The Central Bank’s initiative marks the end of the "Wild West" era for Russian crypto—but not the end of crypto itself. Regulators aren’t aiming to ban it; they’re choosing to regulate it. The market will split into a "white" (bank-based) and a "gray" (non-bank) segment. For the next few years, both worlds will coexist: one in banking apps, the other in offline exchangers and P2P platforms. The choice will depend on individual needs for security, convenience, and privacy.
— Editorial Team
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