The Central Bank of Russia, led by Governor Elvira Nabiullina, has proposed a new framework allowing commercial banks and brokers to obtain crypto exchange licenses through a notification process. This initiative would enable these institutions to leverage their existing banking licenses to conduct intermediary activities, with exposure capped at 1% of their capital. The proposed regulations aim to channel crypto transactions primarily through traditional financial institutions, thereby restricting citizens' legal access to digital asset channels. Additionally, foreign exchanges would be required to establish subsidiaries in Russia and relocate their servers to comply with the new rules.