State Duma deputies suggest legalizing crypto exchange in Russia

A group of Russian lawmakers has called on their central bank to facilitate the establishment of legal crypto trading platforms in the country.

The move is challenging the monetary authority’s longstanding position against providing ordinary Russians free access to cryptocurrencies.

State Duma deputies suggest legalizing crypto exchange in Russia

Several members of the State Duma, the lower house of parliament, appealed to the Central Bank of Russia (CBR) to permit the launch of licensed offices for cryptocurrency exchange.

Anton Tkachev, Yaroslav Samylin, and Georgy Arapov, representatives of the liberal “New People” party, have addressed their proposal to the head of the financial regulator, Elvira Nabiullina.

In the document, seen by the RIA Novosti news agency, they suggest:

“It seems appropriate to consider the possibility of creating a network of legal cryptocurrency exchanges with physical presence and clear requirements for their work.”

The authors say a mandatory minimum requirement for the size of the authorized capital of such companies should be introduced in order to “ensure the financial stability of market participants.”

They believe their initiative has the potential to significantly reduce the share of the illegal turnover of digital assets in the Russian Federation.

The sponsors of the proposal, also quoted by the Gazeta.ru new portal, are convinced its implementation will “strengthen citizens’ trust in financial institutions” and provide the state with additional tools to monitor cash flows.

The lawmakers are asking Governor Nabiullina to order relevant CBR departments to develop a mechanism for the licensing of cryptocurrency exchanges.

They also point out that the establishment of authorized platforms will give Russians the opportunity to conduct safe and legal crypto transactions, while limiting the risk of fraud and involvement in criminal schemes.

Russia is yet to make up its mind about crypto

The future of cryptocurrencies in the Russian Federation remains unclear at this point in time. Key regulators, such as the Bank of Russia and the Ministry of Finance, remain opposed to legalizing their free circulation in the country’s economy.

A special “experimental legal regime” (ELR) was established earlier this year to allow companies to buy, exchange, and spend digital coins for the purposes of carrying out foreign trade transactions under sanctions severely limiting their access to traditional financial channels.

In May, the CBR authorized crypto investments through derivative products, but only for “highly qualified” investors meeting certain criteria regarding annual income, funds at their disposal, and previous investments in securities, for example.

The same month, the finance ministry announced it’s planning to launch a cryptocurrency exchange, in collaboration with the monetary authority, again exclusively for qualified investors.

Despite Russians already holding over $25 billion worth of crypto assets, as reported by Cryptopolitan, ordinary citizens have few options to acquire them legally.

In June, the central bank cautioned citizens about the risks of using crypto exchanges, warning they may get involved in illegal payments, particularly through platforms offering peer-to-peer services. Multiple small transactions associated with such trades may result in the blocking of their bank accounts.

In preparation for the launch of its own digital currency, the digital ruble, which is scheduled to be introduced in stages starting from Sept. 1, 2026, Russia has been adopting and amending a series of laws, allowing it to tighten the noose on crypto usage.

These include the updated “National Payment System” law and anti-money laundering legislation, which can be employed to target cryptocurrency transactions, including payments and trading.

Even the spreading of crypto exchange information has proved problematic in Russia. Access to the BestChange.ru website, a popular exchange aggregator in the Russian-speaking segment of the market, was restricted multiple times over the past few years, including earlier in 2025.

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