Are cryptocurrency exchanges legal?

Russian legislation currently does not provide a legal framework for the establishment and regulation of cryptocurrency exchanges within the country. Federal Law No. 259-FZ contains no provisions allowing for the licensing or registration of traditional cryptocurrency exchanges that accept digital currency as a means of settlement. At the same time, the use of foreign exchanges by Russian citizens and companies is not prohibited, provided that such operations do not violate domestic prohibitions—particularly the ban on payment for goods and services in cryptocurrency within the territory of the Russian Federation. It is also important to consider tax obligations arising from income earned through trading on such exchanges and to maintain proper documentation of transactions. Thus, foreign exchanges are permissible for use, whereas the creation and operation of Russian cryptocurrency exchanges in the conventional sense fall outside the legal framework of the Russian Federation.