The framework centralizes crypto activity through regulated intermediaries, expands state oversight, and keeps limited access for non-qualified investors while granting broader access for qualified investors.

Transactions through regulated intermediaries are allowed, while direct transactions without intermediaries are prohibited.

Administrative liability will be imposed on organizations engaging in unlicensed exchange activity as part of stronger oversight.

A licensing regime will be established for crypto operators such as digital exchanges and custodial services, with banks and brokers allowed under specified prudential requirements.

Russia approves a package of draft bills to legalize and regulate digital currencies and digital rights, directing domestic crypto trading through licensed intermediaries.

Overall, the new rules seek to balance access with heightened supervision to create a more regulated, transparent, and safer Russian crypto market.

The new framework tightens regulation of cryptocurrency trading by channeling activity through licensed intermediaries to boost transparency and reduce risks to retail investors.

There will be licensing and penalties for non-compliance, including potential bans on using foreign exchanges for Russians, along with mandatory reporting of foreign transactions to the Federal Tax Service.

Non-compliance by firms will trigger administrative penalties as the regime emphasizes security, compliance, and fraud prevention to foster investor confidence in a regulated market.

Critics argue the move tightens control over the crypto market and could limit access to foreign exchanges.

Some warn the rules may push activity into unregulated channels or underground venues, potentially undermining oversight despite formal regulation.

Regulations authorize the issuance and exchange of digital assets on publicly traded networks, expanding beyond the previous closed system and increasing market participation.