Russia Proposes Crypto Trading Licenses for Banks with 1% Exposure Cap

The Central Bank of Russia has introduced a legislative proposal aimed at allowing banks to acquire crypto trading licenses. According to NS3.AI, this initiative includes a stipulation that limits banks' exposure to cryptocurrencies to 1% of their own capital. The proposal outlines a streamlined notification process for banks and brokerage firms to begin offering crypto brokerage services, leveraging their current licenses. The deadline for the adoption of this bill is set for July 1.