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Russians to face penalties for utilizing foreign cryptocurrency exchanges., 2026/02/20 13:32:50
Russian citizens may face fines for utilizing foreign cryptocurrency exchanges and platforms, while these international crypto services will only be permitted to operate in Russia if they establish local subsidiaries, stated Ekaterina Lozgacheva, the director of the strategic development department of the Bank of Russia.
According to the official, foreign crypto platforms will essentially function under the same regulations as foreign banks, meaning they will need to set up local branches. This approach aligns with the overall treatment of all financial intermediaries operating in the traditional market, Lozgacheva clarified.
The central bank aims to provide temporary leniency for Russians who already possess cryptocurrency. Crypto investors will be allowed to transfer funds on unregulated platforms for a limited period; however, ultimately, they will be required to transfer their cryptocurrencies to registered exchanges, the department director warned.
“Citizens will need to conduct transactions within Russia through regulated intermediaries. We recognize that some individuals may already hold cryptocurrency, and they can transfer it to the accounts of regulated intermediaries. This option is available, acknowledging that this is a transitional phase,” Lozgacheva informed reporters at the “Cybersecurity in Finance” forum.
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The central bank representative confirmed that “for citizens, engaging with an unregulated intermediary may eventually lead to administrative liability.”
Previously, Elvira Nabiullina, the head of the Bank of Russia, indicated that authorities are addressing the issue of penalties for trading digital currencies “outside the regulated segment.”
A bill set to be introduced in the State Duma in March will impose penalties for the operation of illegal intermediaries in the cryptocurrency market, similar to the regulations governing illegal banking activities. Currently, illegal banking activities that cause significant harm or generate income exceeding 3.5 million rubles can result in fines ranging from 100,000 to 300,000 rubles, compulsory labor for up to four years, or imprisonment for the same duration. If such an offense is committed by a group and the income exceeds 13.5 million rubles, the penalties will be more severe: possible compulsory labor for up to five years or imprisonment for up to seven years, along with fines of up to 1 million rubles.
The Ministry of Finance of Russia estimates the daily cryptocurrency turnover in the country to be around 50 billion rubles.
