Russia proposes automatic crypto licensing for banks

The Central Bank of Russia (CBR) has proposed a plan to grant cryptocurrency licenses to banks, Cryptopolitan reported. CBR Governor Elvira Nabiullina said the proposed legislation would allow existing financial institutions, such as banks and brokerage firms, to obtain crypto trading licenses through a simple notification process and offer brokerage services based on their existing licenses. To mitigate volatility risk, however, the proposal would limit a bank's crypto exposure to 1% of its own capital. The deadline for the bill's adoption is July 1.