The Russian Central Bank plans to shut down illegal cryptocurrency exchange institutions by July 2027

The Russian central bank hopes that illegal cryptocurrency exchange institutions and related gray areas will no longer exist before July 1, 2027. On August 4th, Putin signed a law legalizing cryptocurrency, recognizing it as property and delegating market supervision responsibilities to the Russian Central Bank; The main provisions of this law have come into effect on September 1, 2026, and cryptocurrency exchange institutions that are not listed in the central bank's registration list can continue to operate until July 1, 2027.