Russia's Crypto Bill: A Step Towards Regulated Cross-Border Settlements

Russia is taking steps towards creating a regulated market for cryptocurrencies, with a new bill passed by the State Duma that would allow cross-border settlements using digital currencies.

The draft law, titled 'On Digital Currency and Digital Rights,' has been submitted to the government and aims to create a legal structure for licensed crypto trading and custody. While domestic crypto payments would remain prohibited, foreign trade settlements would be allowed, which could pave the way for XRP's use in cross-border transactions.

The bill proposes five categories of regulated organizations, including exchanges, brokers, management companies, depositories, and exchangers. From July 1, 2026, citizens and businesses would be able to buy crypto legally through licensed intermediaries if the law is fully adopted.