Russia Is Creating a ‘Closed Crypto Circuit’ Dominated by Sanctioned Banks

Russia is creating a ‘closed crypto circuit’ dominated by sanctioned banks

Russia is preparing to legalize cryptocurrency transactions, but its own restrictions, on top of Western sanctions, are expected to largely cut it off from the global crypto market. Regulators in Moscow now want to channel most coin operations through traditional financial players such as banks and brokers, effectively limiting legal access to digital assets. Russian banks to be granted crypto exchange licenses The Central Bank of Russia (CBR) i…

Russian Central Bank Proposes Allowing Banks and Brokers to Obtain Crypto Licenses

The Bank of Russia has proposed allowing banks and brokerage firms to obtain licenses to operate crypto exchanges, a move that would place traditional financial institutions at the center of the country’s future regulated digital asset market. The proposal was outlined by Central Bank Governor Elvira Nabiullina at an annual meeting with credit organisations. According to the regulator, existing financial institutions already have compliance infr…