Russia's State Duma Approves Bill to Allow Cryptocurrency in Foreign Trade Payments

Russia's State Duma has approved a bill that would allow cryptocurrency to be used in foreign trade payments, marking a significant step towards the country's crypto regulatory framework.

The legislation, which was passed in its first reading on April 21, would designate the Central Bank of Russia as the regulator for cryptocurrencies and permit their use in cross-border transactions.

Under the bill, banks and brokers would be required to enter the cryptocurrency market by implementing procedures for customer verification, risk management, and anti-money laundering protocols.

The legislation also proposes capping cryptocurrency purchase limits for non-qualified investors at 300,000 rubles per person, while qualified investors would not face such a limit.