Russia's Crypto Regulation: Banks Are Now Involved

One of the notable developments in the global cryptocurrency market recently has been Russia's new approach to crypto assets. The country's central bank has reached the stage of allowing banks to get involved in supporting crypto transactions. This change is seen as an indication that Russia has abandoned its plans to completely ban cryptocurrencies.

According to the statements of Russia's Deputy Finance Minister Ivan Chebeskov, approximately 20 million Russian citizens are using cryptocurrencies. Chebeskov emphasized that cryptocurrencies are "a reality that can no longer be ignored," while highlighting the need for the state to develop a local crypto infrastructure to ensure user safety. According to data published by TASS, the total assets of Russian citizens on crypto exchanges are expected to reach 827 billion rubles (approximately 10.15 billion dollars) by March 2025. This represents a 27% increase compared to the previous year.

With the development of the crypto ecosystem, there are discussions about the active role of banks in this process as well. According to a report by TASS, the Central Bank of Russia plans to launch a comprehensive survey on crypto investments and borrowing activities in the first quarter of 2026. Additionally, there are plans to grant selected banks permission to facilitate digital asset transactions. This situation indicates that Russia is taking a clear step towards regulation in its discussions about cryptocurrencies.

Experts suggest that these new regulations could be part of Russia's strategy to use cryptocurrencies as an alternative financial channel in the face of international sanctions. For investors, these developments mean that the cryptocurrency market in Russia could attract more institutional participation and thus become more dynamic. At this stage, it becomes crucial for those considering investing in the cryptocurrency market to closely monitor the movements of major assets, particularly Bitcoin and Ethereum, as well as the overall market.