Two cryptocurrency exchanges are planned to be created in Moscow and St. Petersburg to support foreign economic activity (FEA) in Russia, according to Kommersant. According to lawyers, they will operate in an experimental legal regime. Large companies will likely have access to these platforms, but their functionality will be limited due to sanction risks.

Sources told the publication that one of the exchanges will be based on the St. Petersburg Currency Exchange (SPCE), and the other in Moscow, possibly based on the Moscow Exchange. It is planned to create stablecoins for the yuan and the BRICS currencies, but this is currently causing technological and legal difficulties.

Cryptocurrencies in Russia are regulated by law 259-FZ "On Digital Financial Assets", but clear norms for the activities of cryptocurrency exchanges are currently absent. An experimental legal regime (ELR) will be used for the initial operation of the exchanges.

At the initial stages, the exchange will be available to a limited number of individuals, mainly large exporters and importers. Small and medium-sized businesses, as well as individuals, are unlikely to have immediate access.

Experts warn about the risks associated with possible sanctions and leakage of transaction information.