Is a license required to operate a cryptocurrency exchanger?

Currently, the legislation does not regulate the activities of cryptocurrency exchangers as a distinct type of business, nor does it provide a licensing mechanism for their operation. Federal Law No. 259-FZ contains no provisions permitting or describing the procedure for establishing and operating exchangers that accept or dispense digital currency. Moreover, the use of cryptocurrency as a means of payment in Russia is prohibited (Part 5, Article 14 of the same law), which makes the lawful operation of exchangers in the traditional sense—accepting or dispensing cryptocurrency in exchange for fiat currency—impossible. Therefore, it is not possible to obtain a license for such activity, as this business is not recognized at the legislative level and effectively remains outside the legal framework in the Russian Federation.