Several lawmakers have initiated a push for the legalization of crypto exchanges in Russia, arguing for the need to regulate the underground market.
Call for Licensing of Crypto Exchanges
Deputies Anton Tkachev, Yaroslav Samylin, and Georgy Arapov from the 'New People' party have addressed Central Bank Governor Elvira Nabiullina with a proposal to develop a licensing model for crypto exchange operators. They emphasize that a state-regulated network of exchanges could reduce the shadow economy, protect investors, and restore confidence in financial institutions.
Status of Crypto Holders in Russia
Despite official resistance, Russians are among the most active adopters of cryptocurrencies. Estimates suggest they hold over $25 billion worth of digital assets, yet ordinary citizens have almost no legal means to acquire them. This paradox has left the market in a gray zone — tolerated but not legitimized.
Government Response to Changes
Instead of widening access, officials have mostly tightened restrictions. Peer-to-peer platforms have been flagged as potential gateways to illegal payments, and users risk having their bank accounts frozen if their activity is deemed suspicious. The timing of these moves coincides with the preparation to launch the digital ruble, increasing control over crypto transactions.
The lawmakers' initiative highlights the growing tension between the widespread ownership of cryptocurrencies in Russia and the government's preference for control. Drawing attention to the legalization of exchanges could lead to reforms in the country's financial system.
