Amid growing crypto activity, the Central Bank of Russia (CBR) announced that it will permit specific commercial banks to engage in crypto-related business.
This indicates a shift in Russia’s policy towards digital assets, showing greater tolerance of blockchain finance, but with tight regulatory supervision.
According to a local crypto media outlet Bits, the CBR said that permission to provide crypto services will be provided only to a limited list of banks with defined criteria. Such banks must prove their ability to handle the operational, legal, and financial risks of digital assets.
The central bank also assured that operations related to crypto should continue to remain secondary to the main business operations of banks, in an effort to avoid undue exposure of risk to the overall financial system.
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