Russia mulls simplified crypto exchange licensing for banks via notification process: report
Russia's central bank is considering allowing banks to operate crypto exchanges via a simplified notification process based on existing licenses.Summary
The Central Bank of Russia is considering a simplified licensing framework for banks and brokerage firms to operate cryptocurrency exchanges through a notification process, leveraging their existing financial permits and infrastructure for Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT).
Central Bank Governor Elvira Nabiullina stated this proposal would allow these institutions to act as intermediaries based on their current banking licenses. However, the bank proposes limiting the risk exposure for banks in this asset class to one percent of their capital initially.
This potential framework aligns with broader regulatory efforts, including a draft bill on crypto assets that classifies digital currencies as currency assets, permitting buying and selling but prohibiting their use for domestic payments. The legislation, expected to be submitted to the State Duma in March, will also impose purchase limits for non-qualified investors, while qualified investors face no restrictions.
(Source：The Block)