State lawmaker Dumas suggests legalizing Russian crypto exchanges

A group of Russian lawmakers is calling on central banks to encourage the establishment of a domestic legal crypto trading platform.

The move challenges the longstanding position of financial authorities in providing free access to cryptocurrency to ordinary Russians.

State lawmaker Dumas suggests legalizing Russian crypto exchanges

Several members of the state House of Representatives appealed to the Russian Central Bank (CBR) to allow the establishment of approved offices for cryptocurrency exchanges.

The liberal “new people” party leaders Anton Tokachev, Yaroslav Samilin and Jorgy Arapov are working on a proposal to the director general of financial regulator Elvira Nabiurina.

A document seen by Ria Novosti News Agency suggests:

“It seems appropriate to consider the possibility of creating a network of legal cryptocurrency exchanges with physical presence and clear requirements for their work.”

The authors state that in order to “ensure the financial stability of market participants,” it is necessary to introduce mandatory minimum requirements for the size of approved capital for such companies.

They believe their initiative could significantly reduce the share of illegal turnover of digital assets in the Russian Federation.

The sponsor of the proposal cited by Gazeta.ru New Portal believes that its implementation will “enhance citizens’ trust in financial institutions” and will provide the state with additional tools to monitor cash flows.

The lawmakers are asking Governor Nabiulina to order relevant CBR divisions to develop a mechanism for licensing the cryptocurrency exchange.

They also point out that the establishment of approved platforms gives Russians the opportunity to carry out secure and legal crypto transactions while limiting the risk of fraud and involvement in criminal schemes.

Russia has not yet decided on the code

The future of cryptocurrency in the Russian Federation remains unknown at this time. Key regulators such as the Bank of Russia and the Ministry of Finance are opposed to legalizing free circulation in the country’s economy.

Earlier this year, a special “experimental legal regime” (ELR) was established to allow businesses to purchase, exchange and spend digital coins with the aim of implementing foreign trade transactions to strictly limit access to traditional financial channels.

In May, CBR approved crypto investments through derivative products, but only “highly qualified” investors who meet certain criteria for annual income, freely funds and previous investments in securities.

In the same month, the Treasury announced it was planning to launch a cryptocurrency exchange, in collaboration with financial authorities exclusively for qualified investors.

As Cryptopolitan reported, despite Russians already holding more than $25 billion in crypto assets, the public has little option to legally acquire them.

In June, the central bank warned citizens of the risk of using crypto exchanges, especially through platforms that provide peer-to-peer services. Multiple small transactions associated with such transactions can block your bank account.

In preparation for the launch of its own digital currency, the digital ruble, scheduled to be introduced in phases from September 1, 2026, allows Russia to adopt and amend a set of laws to strengthen its noose on the use of crypto.

These include the updated “National Payment System” Act and the Anti-Money Laundering Act, which can be adopted to cover cryptocurrency transactions such as payments and transactions.

Even the spread of crypto exchange information has proven to be problematic in Russia. Access to the BestChange.ru website, a popular exchange aggregator in the Russian-speaking market segment, has been restricted multiple times in the past few years, including in the beginning of 2025.