Is a license required to operate a cryptocurrency exchange?

There is no legally established procedure for the creation, registration, or licensing of cryptocurrency exchanges within the territory of the Russian Federation. Federal Law No. 259-FZ does not recognize the activity of traditional cryptocurrency exchanges operating with digital currency as a means of settlement and does not provide a legal status for such entities. Moreover, the current legislation explicitly prohibits the use of cryptocurrency as a means of payment within the territory of the Russian Federation (Part 5, Article 14 of Law No. 259-FZ), which makes the lawful operation of an exchange accepting cryptocurrency from clients in exchange for other assets or fiat impossible. Therefore, it is not possible to obtain a license to operate a cryptocurrency exchange in Russia, as such activity is neither recognized nor regulated by law. All such platforms operating within the legal framework function under foreign jurisdictions.