As cryptocurrency usage among Russians grows, the Bank of Russia introduces measures to manage systemic risk, including strict capital limits and investor qualifications.
Russia is allowing select commercial banks to operate in the crypto market, under strict supervision by the Bank of Russia. The move comes as 20 million Russians now use crypto, with a total of 827 billion rubles held in exchange wallets. New regulations will cap crypto exposure at 1% of capital and impose strict rules on highly qualified investors.