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The Central Bank of Russia has pledged to prohibit the exchange of cryptocurrency for cash., 2026/04/09 20:16:44
Legal transactions involving cryptocurrencies in Russia will only be permitted in a cashless format, stated the first deputy chairman of the Central Bank, Vladimir Chistyukhin. He indicated that authorities do not intend to allow the conversion of cryptocurrencies into cash.
The decision to eliminate the exchange of cryptocurrencies for cash is aimed at enhancing oversight of financial flows and preventing dubious transactions, the official assured during an interview on RBC radio.
According to Chistyukhin, Russians will be allowed to store cryptocurrencies in personal, or non-custodial, wallets, but assets in these wallets must be declared (if the wallet owner intends to engage in legal transactions). Regardless of the wallet type, digital currency will be regarded as the property of a Russian currency resident—there are no penalties for merely possessing it, the deputy chairman of the Central Bank claims.
The regulations for withdrawing assets from official Russian exchanges and cryptocurrency depositories will be stricter, the official promised. Russians will only be able to transfer funds to custodial wallets, which require mandatory client identification—this requirement was explained by the Central Bank as being necessary because it is challenging to monitor financial operations in non-custodial wallets. It is “difficult to establish a control mechanism” and identify the user, Chistyukhin clarified.
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“All companies that engage in transactions in violation of regulations or without a license will face severe penalties,” the RBC interlocutor warned.
Cryptocurrencies purchased from legal Russian intermediaries will be permitted to be withdrawn to international exchanges—such as Binance or Bybit, the deputy chairman of the Central Bank stated. These platforms are considered custodial wallets by Russian authorities, he added.
However, transferring crypto assets from a Russian custodial wallet to a non-custodial wallet abroad will not be allowed, the official explained.
Chistyukhin also outlined the requirement for Russian individuals and legal entities to declare cryptocurrency held in foreign wallets through the tax service.
The deputy chairman of the Central Bank is referring to a package of bills aimed at regulating the cryptocurrency market, which the Bank of Russia, in collaboration with the Ministry of Finance, has submitted to the State Duma. The implementation of these bills is scheduled for July 1. Under the new system, digital depositories will be responsible for recording clients’ rights to crypto assets, and only licensed crypto exchanges will be allowed to conduct exchanges. Violations of the new laws may result in fines for exchanges and brokers of up to 1 million rubles.
