The Bank of Russia is preparing a new approach to regulating crypto exchanges.

Separating Cryptocurrency Exchanges into a Separate Category

The Bank of Russia is considering separating cryptocurrency exchanges into a separate category of financial participants. This was announced by Vladimir Chistyukhin, First Deputy Chairman of the Central Bank of Russia. According to him, the regulator is also discussing licensing options for such platforms. This signifies a shift to a more structured and formalized approach to digital asset transactions, where all transactions will be conducted through a controlled infrastructure.

Unified Framework and the Fight Against Illegal Activity

Chistyukhin emphasized that Russia has already created the necessary infrastructure for working with cryptocurrencies, and digital asset transactions are planned to be conducted through existing market participants. The regulator’s key task is to define clear rules regarding who can conduct transactions and how. All transactions outside the established framework will be classified as illegal. It is expected that penalties for such violations will be enforced starting in mid-2027.

The International Factor and the Abandonment of Experimentation

Special attention is being paid to international requirements when developing regulations, primarily FATF standards on combating money laundering and terrorist financing. According to Chistyukhin, international organizations are closely evaluating national regulations in the digital asset sector. This is why the Central Bank abandoned the idea of ​​an experimental legal regime: there is simply no time for its implementation and subsequent analysis. The regulator intends to move to a permanent regulatory model as quickly as possible.

Public Access to Cryptocurrencies

At the same time, the Bank of Russia does not plan to ban the sale of cryptocurrencies to individuals. Citizens who already own digital assets will be able to freely store, sell, and exchange them without any restrictions on the amount. Restrictions may only apply to new purchases. In particular, discussions are underway to allow cryptocurrency acquisitions exclusively for qualified investors, of whom there are over one million in Russia.

Prospects for Non-Qualified Investors

The regulator does not rule out that, under certain conditions, access to crypto instruments may be opened to non-qualified investors. However, in this case, only the most liquid and easily understood instruments related to digital assets will be considered. Thus, the Central Bank seeks to balance the development of the crypto market, investor protection, and compliance with international regulatory requirements.