Russian Central Bank to license crypto exchanges by December

Russia’s central bank announced on Monday that the country’s crypto industry could operate legally by the end of 2024. The statement was issued in Moscow by the Bank of Russia’s regulatory committee. It follows a year of shifting rules that left many exchanges and traders uncertain about their legal status. The new framework aims to bring the sector under a clear set of guidelines and licensing requirements.

The move comes as Russia faces mounting pressure from Western sanctions that have tightened access to traditional banking channels. Crypto assets have been used by businesses and individuals to bypass restrictions and keep capital flowing. Earlier this year, the central bank had temporarily banned crypto trading and payments, citing money‑laundering risks. The latest policy shift signals a willingness to regulate rather than prohibit digital assets, hoping to keep the domestic economy functioning while meeting international compliance standards.

Under the proposed rules, exchanges will need to register with the central bank, obtain a license, and comply with anti‑money‑laundering and know‑your‑customer procedures. The framework also permits the use of crypto for certain payments, such as utility bills and government services, in limited circumstances. The bank said the licensing process will start in June, with full implementation by December 31. Industry groups welcomed the clarity, saying it could attract foreign investment and spur innovation. Critics warn that enforcement will be difficult and that loopholes could remain.

Companies will need to submit detailed applications by the end of June, after which the bank will review and approve or reject them. Approved exchanges will be able to operate openly, offering trading, custody, and payment services under state supervision. The central bank’s decision could make Russia a more attractive hub for crypto firms seeking a regulated market. It also signals to other jurisdictions that Russia