The Central Bank of Russia is planning to introduce new rules regarding cryptocurrency operations as part of efforts to reduce risks for commercial banks and their customers.
Regulation of cryptocurrency operations
The Central Bank of Russia (CBR) intends to adopt specific rules for banking organizations working with digital assets. These measures are aimed at minimizing risks associated with cryptocurrency operations. It is reported that the regulatory norms will affect capital requirements and standards for both direct and indirect investments in cryptocurrencies.
Caution of the Central Bank
The CBR has already informed 97 banks about its plans and recommended them to adopt a conservative approach when assessing the risks of operations with crypto assets. The regulator suggested ensuring full coverage for the nominal value of cryptocurrency instruments and limiting their share to 1% of capital.
Impact on the cryptocurrency market
Despite the caution, the Russian Central Bank has allowed limited use of cryptocurrency in foreign trade in response to Western sanctions. This decision contrasts with the CBR's prior stance against legalizing operations with decentralized cryptocurrencies. Lawmakers are calling for the establishment of a network of legal crypto exchanges, which may simplify cryptocurrency trading in the country.
The new rules proposed by the Central Bank aim not only to facilitate cryptocurrency operations but also to enhance safety for banks and their customers amid the rising cryptocurrency assets in Russia.
