Russian Central Bank Proposes Licensing Cryptocurrency Exchanges for Banks and Brokerage Firms

Risk Limit Set at 1% of Own Capital

According to a report by Interfax on the 5th, Elvira Nabiullina, the Governor of the Russian Central Bank, proposed at the annual meeting with financial institutions that banks and securities brokers should be able to obtain cryptocurrency exchange licenses through a simple notification procedure, utilizing their existing banking licenses to conduct brokerage services.

The proposal includes a cap that limits the risks banks can take in the cryptocurrency sector to within 1% of their own capital. Governor Nabiullina stated, 'Firstly, the 1% cap...