Russia is slowly opening its doors to crypto, and now banks will be able to freely offer crypto services for the first time in the country’s history. According to bits.media, a Russian cryptocurrency media site, the central bank recently announced the opening of these activities in private banks, which will be able to complete transactions with digital assets.

First Deputy Chairman of the Bank of Russia Vladimir Chistyukhin referred to the issue, stating that while these operations will be permitted, they would face limitations on these as the bank fears a substitution of its traditional financial rails for cryptocurrency assets.

He stated:

We hold conservative views and think about how appropriate it is for the banking sector to include cryptocurrency in its assets. After discussion with the professional banking community, we came to the conclusion that it would be unjustified to exclude banks from such operations

Nonetheless, he also remarked that this would be accompanied by the enactment of controls, as Chistyukhin stressed that both the national and international community “has become very clearly aware that crypto assets have an increased risk associated with money laundering and the financing of terrorism.”

“We believe that all anti-money laundering mechanisms should also apply to investing in crypto assets. All persons must be identified, investments must be clear, and sources of origin of funds must also be transparent,” he concluded.

Even with banks out of the crypto ecosystem, Russia is home to over 20 million crypto users, who would benefit from integrating these alternative assets with the Russian national financial system. Ivan Chebeskov, Deputy Finance Minister of Russia, recently noted that the country was working on delivering sovereign infrastructure to support cryptocurrency use cases for satisfying market demand.

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