Moscow to License Crypto Exchanges; Requires Local Subsidiaries
Russia’s monetary authority announced that cryptocurrency exchanges wishing to serve Russian users must set up a local subsidiary and operate under Russian law. The directive, made public on Feb. 20, 2026, ties licensing and market access to physical presence and legal compliance inside the country rather than remote provision of services.
The move raises the bar for international platforms that currently serve Russian customers without a domestic entity and tightens Moscow’s oversight over trading, KYC/AML enforcement and data jurisdiction. For users and market participants this could mean narrower choice, potential delistings, or migration of liquidity to locally licensed venues; for domestic firms it creates an opening to grow within a regulated framework. Observers will watch whether exchanges seek partnerships, create subsidiaries, or pull back in response to the new requirement.