Russia Takes First Step Towards Regulating Cryptocurrency Market

Russia is taking steps to regulate its growing cryptocurrency market, with the Duma giving initial approval to a bill that brings clarity and oversight to the industry.

The legislation recognizes digital assets as property, providing owners with legal standing and protection under Russian law. However, cryptocurrencies are prohibited from being used for domestic transactions in Russia, with the ruble remaining the only legal tender for internal use.

On the other hand, Russian companies and individual entrepreneurs will be permitted to settle cross-border deals using digital currency, which could help maintain trade flows amid ongoing Western sanctions.