Russia Considers Mandatory Conversion of Crypto Revenues

Russia is taking steps to tighten its grip on cryptocurrency transactions. According to recent statements from the Ministry of Finance, companies may be required to convert their cryptocurrency revenues into rubles.

The finance ministry has been a strong proponent of a decree issued in 2023 to ensure stable exchange rates for the Russian ruble. The decree initially focused on companies exporting products from key sectors, requiring them to deposit at least 40% of foreign currency received into authorized bank accounts and sell at least 90% on the domestic market.

The Ministry of Finance is now considering expanding these rules to include cryptocurrency transactions. Deputy Finance Minister Ivan Chebeskov hinted that this could be a viable option, citing the growing importance of cross-border settlements under sanctions.