The Bank of Russia has issued guidance for financial institutions to lower citizen risks linked to cryptocurrency transactions, according to an official regulator message.
The Central Bank explicitly advises banks not to promote or advertise services that facilitate the circulation of cryptocurrencies and related financial instruments.
Banks are urged to flag transactions that involve the purchase or sale of cryptocurrencies conducted through fake accounts. In such scenarios, additional customer documentation may be requested, and these activities could be deemed higher risk.
The Central Bank also recommends that operators in the crypto asset market avoid issuing or engaging with assets whose returns are tied to the value of digital currencies.
These recommendations exclude digital currencies issued by central banks and digital rights granted under Russian law.
A former crypto expert noted the possibility of restricting access to cryptocurrency exchanges within the Russian Federation.
There was also commentary that the Central Bank could clarify to Russians the basic principles for working with cryptocurrency.