Russian banks are pushing for a more relaxed regulatory framework for cryptocurrencies, challenging the strict measures currently under legislative review. The Association of Russian Banks (ARB) has proposed amendments to the pending bill "On Digital Currency and Digital Rights," aiming to align Russia's crypto policies with global standards.

The draft law, part of a broader legislative package, seeks to legalize cryptocurrencies and related platforms but imposes stringent restrictions that could isolate Russia from the global market. The ARB's proposals include allowing transfers to non-custodial wallets abroad and whitelisting foreign crypto platforms—transactions currently prohibited under the existing draft.

Banks also advocate for the ability to exchange cryptocurrencies for Russian digital financial assets, such as tokenized securities, and call for the regulation of stablecoins pegged to fiat or other assets. These measures aim to foster innovation while maintaining financial stability.