Russia Unveils Licensing Regime for Crypto Exchanges Amid Sanctions Relief Efforts

Russia has taken a significant step towards regulating its digital asset market by passing the On Digital Currency and Digital Rights bill, which establishes a licensing regime for exchanges, brokers, custodians, and depositories.

The bill aims to bring clarity to Russia's fragmented digital asset regime, which currently relies on tax, anti-money laundering laws, and sector-specific rules. The new framework will allow for the use of digital assets in controlled circumstances, particularly for cross-border trade.

Under the law, only organizations included in a special registry maintained by the Bank of Russia will be permitted to engage in digital currency exchange activities. Retail participation will be tightly regulated, with non-qualified investors facing annual purchase limits of approximately 300,000 rubles (around $3,800) through licensed intermediaries.

The bill preserves the ruble as Russia's sole legal tender while allowing digital assets to be used for investment and selected cross-border transactions. The law will come into force on September 1, 2026, if given the go-ahead by the upper house and President Vladimir Putin.