Russia is preparing to take a remarkable new step in the cryptocurrency market. Access restrictions for foreign exchanges operating in the cryptocurrency sector have been on the agenda since September. Platforms such as Binance and OKX, where thousands of Russian users operate, are planned to be closed in the country if they do not comply with the new legal framework.
Goal: Keeping Capital Flow under Control
With this move, the authorities aim to increase the role of cryptocurrencies in order to overcome sanctions in foreign trade and to monitor capital movements in the domestic market more closely. New laws that came into force last year opened the door to the use of crypto assets in Russia not only for investment purposes but also to circumvent financial sanctions. It is considered that the management has taken this step in line with the goal of achieving independence from international payment systems.
State-Sponsored Stock Exchanges are on the Agenda
The process of establishing new stock exchanges licensed and operating under state supervision in Russia has accelerated. Moscow and St. These platforms, which are planned to be operational in St. Petersburg, aim to enable exporting companies to use crypto assets more securely in their international payments. On the other hand, individual users’ access to exchanges located abroad will be significantly limited.
How Will Access Restriction Be Implemented?
The new regulations will prevent unlicensed foreign platforms from providing services to Russian citizens. Access to exchanges within the country that have not received official permission will be gradually closed through state-controlled internet services. Only platforms that comply with certain rules under the “experimental legal regime” and receive official permission to operate in the country will be able to continue their operations.
The background of these developments includes strict customer recognition (KYC) and capital criteria, which have been on the agenda of regulatory authorities for a long time. With the new regulations, it seems that similar requirements have now moved to the digital asset market.
Russian Finance Minister Anton Siluanov stated that there has been a complex and difficult process in the regulation of cryptocurrencies in the past period, but underlined that an effective solution is of critical importance for the economic interests of the country.
Anton Siluanov stated that it takes time for Moscow to develop a fully effective regulatory mechanism, but the control of foreign payments and capital flows is among the urgent needs.
State banks were also actively involved in the process. VTB Bank General Manager Andrey Kostin pointed out the importance of having a fast and transparent legal infrastructure for crypto assets in line with the demands from exporters.
Andrey Kostin stated that payment demands through regulated digital assets are increasing, and that such solutions becoming more functional, especially in foreign trade operations, will be advantageous for Russia.
According to experts, it is predicted that when access to foreign exchanges is closed, most of them will trade through illegal P2P transaction networks or on platforms authorized in the country. Therefore, the volume in the domestic market may shift to local stock exchanges despite some risks; This may create new dynamics in pricing between national currency and crypto assets.
