Russia Advances Crypto Regulation Bill with Focus on Foreign Trade

Russia's move to advance its crypto regulation bill has been seen as a significant step towards formalizing cryptocurrency activity within the country. The draft law 'On Digital Currency and Digital Rights' 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, although the bill maintains a ban on domestic crypto payments. However, it does allow the use of cryptocurrencies in foreign trade and cross-border settlements.

The legislation also offers unconditional court protection for crypto ownership and eases previous requirements for declaring foreign wallet addresses.