The saga surrounding cryptocurrency exchanges, which effectively operate in Russia outside of formal regulation, has continued.
The Central Bank of the Russian Federation has clearly and openly stated its position on an issue that was previously in a gray area: the market already exists—which means it should not be ignored, but rather formalized.
This is a very positive signal for all market participants. Among other things, it shows citizens that the state is not remaining silent or shunning everything new, but is adapting to global trends.
Comment by Vladimir Chistyukhin, First Deputy Chairman of the Central Bank of the Russian Federation
First Deputy Chairman of the Central Bank Vladimir Chistyukhin noted on RBC’s “Investment Hour” that participants currently operating “in a gray area” should be given the opportunity to legalize their operations. This includes those very offices that have long been associated with cryptocurrency exchanges—including those in Moscow City.
The regulator’s approach appears to be more of an attempt to bring the cryptocurrency trading and exchange market into a clear regulatory framework rather than to ban it. The Central Bank assumes that cryptocurrency trading is already taking place, and the goal is to bring this activity into the official regulatory framework with basic requirements for capital, management, and operational oversight.
At the same time, the message is quite clear: there will be a transition period, but it is not endless. Those who are unwilling or unable to adapt to the new model will effectively be pushed out of the market. And in that case, we will no longer be talking about a “gray area,” but about direct sanctions for operating without a license.
At the same time, the legislative framework is taking shape. The state is gradually moving away from piecemeal restrictions toward an attempt to build a comprehensive crypto market architecture, where licensed participants and regulated platforms will play a key role.
Essentially, the crypto exchange market in Russia is going through the same phase that other financial sectors once went through: from spontaneous growth to formalization and oversight. The only difference is that this process is already taking place in an environment of heightened risk sensitivity—from money laundering to user protection.
What the Russian crypto market legislation is currently based on
Currently, the digital asset market in Russia is based on several regulatory acts and initiatives:
- Federal Law No. 259-FZ “On Digital Financial Assets and Digital Currency”—the foundational law that establishes the concept of digital assets, while limiting their use as a means of payment within the country.
- Federal Law No. 115-FZ “On Combating Money Laundering” — applies to cryptocurrency transactions through control and identification requirements.
- Federal Law No. 325-FZ “On Organized Trading” — this is the law that is intended to serve as the basis for admitting licensed participants to transactions involving digital assets.
- The draft law “On Digital Currency and Digital Rights” (submitted to the State Duma in 2026). The document is intended to define a new market model where cryptocurrency transactions will be conducted through licensed entities—exchanges and trading systems.
What this means now
In effect, a transitional model is taking shape: the market, which has long existed “de facto,” is beginning to be carefully brought into a regulated framework.
And while crypto trading in Russia used to be primarily P2P, Telegram, and physical offices, licensing and compliance will soon become the key factors.
