Foreign crypto exchanges, exchangers to be able to operate on Russian market through subsidiaries registered locally - Central Bank of Russia

YEKATERINBURG. Feb 20 (Interfax) - Foreign crypto exchanges and exchangers will be able to operate on the Russian market under the rules enshrined in the relevant law, and through subsidiaries registered in the Russian Federation, Yekaterina Lozgacheva, Director of the Central Bank's Department of Strategic Financial Market Development, said.

In late December 2025, the Central Bank announced that it had submitted a concept for regulating cryptocurrencies in Russia to the government. The concept envisages that digital currencies and stablecoin be recognized as currency assets that can be bought and sold, though cannot be used for domestic payments. The bill should be submitted to the State Duma in March and adopted during the spring session, Deputy Finance Minister Ivan Chebeskov previously said.

"Citizens within Russia will be required to conduct transactions through regulated intermediaries. We understand that some may already have cryptocurrency and can transfer it to regulated intermediaries' accounts. This option is provided, recognizing that this is a transitional stage," Lozgacheva told reporters on the sidelines of the Cybersecurity in Finance forum.

"At the same time, if any foreign intermediaries are interested in operating on the Russian market, then they, in accordance with the general rules, like others now, such as banks, can operate in the Russian Federation, open their own structures, and provide services within the framework of Russian law. This is the same approach as with financial intermediaries operating in the traditional market," she added.

Lozgacheva noted that the new law would introduce liability for the illegal activities of intermediaries in the cryptocurrency market, similar to the liability for illegal banking activities. Engaging an unregulated intermediary could potentially result in administrative liability for citizens.

The Central Bank's concept envisages that the legislative framework be developed by July 1, 2026. Liability is planned to be introduced on July 1, 2027.

Illegal banking activity that causes significant damage to individuals, organizations, or the government, or is associated with the generation of large-scale income (more than 3.5 million rubles) is currently punishable by a fine of 100,000 to 300,000 rubles, or an amount equal to the convicted individuals wages or other income for a period of one to two years; or forced labor for up to four years, or imprisonment for up to four years with or without a fine of up to 80,000 rubles; or an amount equal to the convicted person's wages or other income for a period of up to six months, according to the Russian Criminal Code.

If a group of people has organized illegal banking activity that involves generating especially large-scale income (more than 13.5 million rubles), then the illegal activity is punishable by forced labor for up to five years, or imprisonment for up to seven years with a fine of up to 1 million rubles, or in the amount of the wages or other income of the convicted person for a period of up to five years or without it.