Russia Advances Crypto Regulation Bill with Foreign Trade Provisions

Russia has made significant progress in formalizing cryptocurrency activity within its borders. The Financial Market Committee has approved a draft law called the 'On Digital Currency and Digital Rights' bill, which will allow for the use of cryptocurrencies in foreign trade and cross-border settlements.

The legislation, which is expected to be adopted within two weeks, aims to establish a comprehensive legal framework that recognizes digital currency as property under Russian law. This move is expected to bolster owners' rights in disputes and insolvency cases.

While the bill maintains a ban on domestic crypto payments, it eases previous requirements for declaring foreign wallet addresses. Market participants will likely monitor any further regulatory developments or announcements from the Bank of Russia regarding the whitelist of permitted coins and retail purchase limits.