Russia Approves Broad Crypto Market Law with Cross-Border Settlements Allowed

Russia's State Duma has passed a broad crypto market law that allows regulated digital asset services, but keeps domestic crypto payments banned. The new framework creates a special registry for approved crypto market operators and grants judicial protection to digital currency holders.

The law also allows Russian companies to use approved digital assets for certain cross-border settlements between residents and non-residents. This move comes as sanctions keep pressuring Russian trade channels, with the European Union saying 'Russia is becoming increasingly reliant on cryptocurrencies for international transactions.'

Russian banks are already preparing for regulated crypto activity, with Sberbank planning to introduce a crypto wallet and digital asset custody services after the framework begins.

The new law also covers crypto mining, issuance, circulation, and services provided by brokers, asset managers, trading platforms, and clearing houses. These provisions bring several parts of the market under formal oversight.