The Central Bank of Russia (CBR) has announced a controlled shift in its stance toward cryptocurrencies, allowing a limited number of commercial banks to participate in crypto-related activities under strict supervision. This move signals the country’s cautious openness to integrating digital assets into its financial ecosystem while maintaining tight control to safeguard economic stability.
According to local media outlet Bits, the CBR emphasised that only select banks meeting rigorous criteria will be granted permission to offer crypto services. These institutions must demonstrate robust operational, legal, and financial risk management systems before being approved. The regulator further stated that crypto-related operations should remain secondary to banks’ core business functions to minimise systemic risks and prevent overexposure to the volatile crypto market.
Officials from the central bank explained that the initiative aims to strike a balance between fostering innovation and ensuring macroeconomic security. The scope of permitted activities will likely include managing digital financial assets, offering crypto-linked investment products to sophisticated investors, and providing regulated custody or settlement services. However, the CBR made it clear that unregulated retail trading and speculative crypto activities will remain prohibited.
To support this transition, the CBR is collaborating with major financial institutions to draft a comprehensive regulatory framework. This framework is expected to define risk control measures, capital adequacy standards, and reporting obligations for participating banks. Sources indicate that a pilot phase could launch within months, potentially involving prominent players like Sberbank and VTB, which have already begun exploring blockchain-based solutions in limited capacities.
The development reflects a broader evolution in Russia’s approach to digital assets. Despite years of scepticism and regulatory hostility, crypto adoption within the country has continued to grow. Reports suggest that Russian users conduct tens of billions of dollars’ worth of crypto transactions annually. Recognising this reality, authorities now appear to be seeking a structured way to harness the potential of blockchain technology for domestic and international financial purposes.
In March 2025, the central bank is expected to launch a three-year experimental program allowing certain investors to trade cryptocurrencies under controlled conditions. While the use of crypto as a payment method remains illegal in Russia, the policy shift points to a more pragmatic approach—particularly as the nation explores financial alternatives amid ongoing Western sanctions.
For now, the CBR maintains a conservative stance, stressing that comprehensive safeguards for investors, depositors, and financial markets must be established before any broad legalisation of crypto activities can take place. Nevertheless, the decision to permit selective participation marks a notable step toward the gradual institutionalisation of digital assets in Russia’s financial system.
