Bankers Urge Easing Crypto Regulation in Russia: What’s Proposed and Why It Matters
Russian bankers have put forward unexpectedly liberal proposals for a new cryptocurrency law. Instead of strict controls, they’re calling for allowing crypto-to-digital-rights exchanges, simplifying stablecoin operations, and giving people time to adapt to the new rules. For ordinary Bitcoin or Ethereum holders, this could mean fewer bans and more opportunities—if the authorities listen.
What Exactly Are the Banks Proposing?
The Association of Banks of Russia (ABR) has submitted a package of amendments to the draft law “On Digital Currency and Digital Rights,” currently under consideration by the State Duma. Key initiatives include:
- Allowing cryptocurrency to be exchanged for Russian digital rights—essentially creating an official bridge between decentralized crypto and regulated domestic assets.
- Specifically regulating stablecoins, which are not mentioned at all in the current version of the law, despite their frequent use for transfers and value storage.
- Introducing “whitelists” of foreign crypto platforms or permitting crypto withdrawals to non-custodial wallets abroad—but with a transition period.
- Permitting direct transactions with companies from EAEU countries without mandatory involvement of Russian exchangers or depositories.
- Expanding the list of permitted cryptocurrencies—the current draft mainly covers BTC, ETH, and SOL, but banks want greater flexibility.
- Removing the requirement to disclose ultimate beneficial owners in nominee custody chains—to protect users’ privacy.
- Providing legal protection even for assets that were not declared before summer 2027.
These proposals represent a rare instance where the financial sector is advocating for fewer restrictions rather than more.
Why Do the Central Bank and Banks Disagree?
The Central Bank initially proposed a very strict model: prohibiting the transfer of crypto from Russian custodial wallets (those controlled by exchanges or banks) to personal overseas addresses. The rationale was that this would help track capital flows and prevent money from leaving the country.
However, bankers argue that such rules could push users into the shadow economy. If individuals cannot legally move their assets to their own wallets abroad, they will simply stop using official services. This would deprive the government of transparency—and tax revenue.
Moreover, ignoring stablecoins in the law creates a legal loophole. After all, USDT or USDC are often used for payments, transfers, and risk hedging—not Bitcoin, which is far too volatile.
What About Cold Storage Wallets?
A particularly contentious issue remains cold storage—that is, offline wallets where people keep large sums securely. The draft law currently offers no clear guidance on whether such wallets can be used if they are registered overseas.
Anatoly Aksakov, head of the State Duma Committee on Financial Markets, acknowledged that this point needs further refinement. Amendments, including those from the banks, will not be considered until the second reading, as the first has yet to take place.
What Matters
- Banks are asking for flexibility, not complete freedom: they support regulation but want it to be practical.
- Stablecoins are a key part of the market, yet they are still absent from the legislation.
- A transition period until summer 2027 could serve as a compromise for millions of Russians who already hold crypto.
- A ban on exporting crypto abroad could undermine trust in the official system.
- Even if the law is adopted in its current form, real-world circumstances may prompt authorities to reconsider their approach—as happened with currency controls in the past.
What Does This Mean for Ordinary People?
If the banks’ proposals are partially adopted, you’ll have more options for safely storing and using cryptocurrency—without the risk of suddenly being deemed a lawbreaker. You’ll be able to work legally with stablecoins, withdraw funds to your own wallets, and possibly even exchange them for new Russian digital assets. However, if the law remains as it is now, many users may retreat into the shadows, losing both protection and access to official services.
— Editorial Team
