Russia's central bank is considering a plan that would allow banks and securities firms to operate cryptocurrency exchanges using their existing financial licences, The Block reported on March 6 local time.
The Block said the approach would grant approval through a "notification procedure" instead of requiring firms to obtain a separate new licence.
Elvira Nabiullina (엘비라 나비울리나), governor of the Bank of Russia, said the banking sector's existing anti-money laundering (AML) and counter-terrorist financing (CFT) infrastructure is a key rationale for a simplified entry route. Nabiullina said, "I proposed allowing banks and securities firms, based on their current banking licences, to obtain a cryptocurrency exchange licence through a notification procedure and to act as intermediaries."
She also took a cautious stance on risk management. "We want to limit the level of risk that banks take in this area to 1 percent of capital," she said. "First we will watch how banks operate within the 1 percent limit, and then decide whether to expand further."
Chi-gyu Hwang
delight@d-today.co.kr