The Bank of Russia has submitted a plan to the State Duma to regulate the integration of digital assets by banks, indicating a shift towards institutional cryptocurrency adoption.
Bank of Russia Proposal
Under Chairwoman Elvira Nabiullina, the Bank of Russia proposes a phased rollout plan requiring banks to allow access to digital assets only for qualified investors through structured financial products.
Key Financial Institutions
Key financial institutions involved in developing crypto-linked products include Sberbank and Moscow Exchange. The government initiative focuses on a cautious regulatory approach, emphasizing institutional qualification criteria.
Investor Restrictions
The new products aim to regulate the crypto market and integrate it with Russia's financial system without granting asset custody to investors. This structured approach seeks to limit systemic risks and ensure regulatory oversight.
Despite concerns within the Russian crypto community regarding limited retail access, there is optimism for institutional involvement, which may stimulate market growth.
