Russian authorities are reportedly considering a legislative amendment that would allow established banks and financial institutions to launch cryptocurrency exchange services through a simplified “notification-based” licensing procedure. According to recent reports from local media, the proposed framework aims to streamline the entry of traditional financial players into the digital asset market by bypassing the standard, more rigorous licensing requirements usually applied to independent crypto exchanges. Under the proposed system, eligible banks would merely need to notify the Central Bank of Russia of their intent to provide exchange services, provided they meet specific security and compliance criteria. This move is viewed as a strategic step to integrate digital currencies into the national economy, primarily to facilitate cross-border settlements amidst ongoing international sanctions. While the Ministry of Finance is said to be a proponent of this flexible approach to foster market growth, the central bank maintains a cautious stance, emphasizing the need for robust risk management and anti-money laundering protocols. If implemented, this shift could significantly accelerate the institutional adoption of crypto within Russia’s domestic financial landscape.
Source: Russia mulls simplified crypto exchange licensing for banks via notification process: report
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