A new move has come from Russia, which continues to take important steps regarding the use of Bitcoin (BTC) and cryptocurrencies. Russia plans to conditionally allow banks to offer cryptocurrency services, according to local news agency Interfax. Speaking at the Finopolis 2025 forum, First Deputy Governor of the Central Bank of Russia Vladimir Chistyukhin said that despite the institution's conservative stance towards crypto, it is examining allowing banks to work with cryptocurrencies. Central bank deputy Chistyukhin added that they concluded that a complete ban on such crypto activities would be inappropriate. However, Chistyukhin noted that strict regulations, including capital ratio and reserve requirements, will be implemented to prevent banks from over-concentrating on crypto services. “We are fundamentally conservative on cryptocurrencies, but we have decided that it is unwise to completely exclude and ban banks from the cryptocurrency market. However, we plan to impose strict conditions to ensure that cryptocurrency-related activities do not become a bank's core business.” Legal Ground for Cryptocurrencies is Coming! Finally, Chistyukhin noted that the cryptocurrency market in Russia has been legalized. He stated that the necessary legal infrastructure for investors to safely trade with cryptocurrencies is planned to be operational by 2026. At this point, Chistyukhin, who expects a law covering cryptocurrency investments in general to come into force next year, said, “This bill will include a licensing system that will allow legitimate cryptocurrency service providers to enter the market by the end of 2026.” The aim is to reduce informal economy and protect investors. License applications will be collected within the same year, and the first authorized institutions are expected to begin operations by the end of the year. The second phase of the reform will come into effect in 2027. During this period, administrative and criminal sanctions will be imposed on unauthorized or unregistered cryptocurrency transactions. *This is not investment advice. Continue Reading: The Central Bank of Russia Announced: "Bitcoin and Cryptocurrency Permits for Banks Are on the Way!"
