A group of State Duma deputies has appealed to the Central Bank of Russia with a proposal to legalize crypto exchanges, raising questions about the monetary authority's policy.
Lawmakers' Proposal for Legalizing Crypto Exchanges
Several members of the State Duma have reached out to the Central Bank of Russia to request permission to launch licensed offices for cryptocurrency exchange. In their proposal addressed to the head of the financial regulator Elvira Nabiullina, representatives of the "New People" party suggest creating a network of legal crypto exchanges with a physical presence and clear operational requirements. The document also states that a mandatory minimum authorized capital requirement should be established for such companies to ensure the financial stability of market participants.
Position of Russian Regulators on Cryptocurrencies
The future of cryptocurrencies in the Russian Federation remains uncertain. Key regulators, such as the Bank of Russia and the Ministry of Finance, continue to oppose the legalization of free circulation of cryptocurrencies in the country's economy. Earlier this year, a special 'experimental legal regime' was established to allow companies to use digital coins for conducting foreign trade transactions.
Future of Cryptocurrencies in Russia and Legal Framework
Despite Russians already holding over $25 billion worth of crypto assets, ordinary citizens have few options to acquire them legally. The central bank warns citizens about the risks of using crypto exchanges and the possibility of their bank accounts being blocked when conducting small transactions through such platforms. Meanwhile, Russia is preparing to launch its digital ruble, scheduled for 2026.
The initiative by State Duma deputies to legalize crypto exchanges could be an important step towards simplifying access for Russians to cryptocurrencies and reducing the share of illegal turnover of digital assets in the country.
