Russia is moving to regulate cryptocurrencies and allow their use in international trade

Russia approved on first reading a draft law regulating digital currencies, a move that paves the way for a comprehensive legal framework for the industry while allowing the use of digital currencies in international trade settlements.

The project provisions grant the Russian Central Bank the power to license and monitor entities operating in the cryptocurrency market, including trading platforms, brokers and financial institutions.

It also sets different conditions for investors, imposing restrictions on non-professional individuals while giving greater flexibility to institutions and professional traders.

The law classifies digital currencies as assets (property), allowing them to be legally protected in situations such as disputes or bankruptcy.

However, its use as a domestic means of payment is prohibited, and the ruble remains the only official currency.

On the other hand, the project opens the door to the use of digital currencies in cross-border trade, providing Russian companies with an alternative way of dealing with international partners, especially in the context of restrictions and sanctions.

The project still requires additional approvals before it can take effect, which is expected to take effect in mid-2026.

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