In Russia, a new political effort is challenging the central bank’s opposition to digital assets. Several members of parliament from the “New People” party have formally requested that the Central Bank of Russia license and regulate cryptocurrency exchanges. They argue that this would help control the country’s large, unregulated crypto market.
The lawmakers believe that creating a licensed framework with clear capital requirements and compliance standards would benefit everyone. It would reduce the shadow economy, protect investors from scams, and increase public trust in financial institutions. This push comes despite the fact that Russians already hold over $25 billion in crypto, even though there are almost no legal ways for them to acquire it.
While Russia has made some exceptions, such as allowing companies to use crypto for cross-border trade, access for ordinary citizens remains restricted. The government has also tightened its control over the crypto space, flagging peer-to-peer platforms and blocking some crypto websites. These actions are partly in preparation for the launch of the digital ruble in September 2026.
The proposal highlights a growing conflict between the widespread use of crypto by the Russian public and the government’s desire for tighter financial control. It is uncertain if the central bank will change its stance, but this move shows that pressure for more open and regulated crypto policies is increasing.
August 2025, Cryptoniteuae
