Russia Passes Crypto Bill for Foreign Trade, Bans Domestic Payments

Russia's State Duma has passed a bill regulating cryptocurrencies in foreign trade. The legislation will license crypto market participants and permit companies to use digital assets for cross-border transactions, but prohibits domestic payment with crypto.

The Bank of Russia will be responsible for licensing and overseeing crypto activity in the country. Entities like exchanges, brokers, and licensed financial institutions will be allowed to facilitate cryptocurrency circulation, while banks and brokers seeking to expand into crypto services can follow a simplified authorization path.

Non-qualified investors are capped at purchasing up to 300,000 rubles (approximately $3,900) worth of crypto. Professional participants face no such restriction. The bill still needs two more readings in the State Duma before advancing to the Federation Council and then to the president for signature.

Russian companies can now settle transactions with foreign counterparties in cryptocurrency, bypassing sanctions restrictions. This allows them to operate outside dollar-denominated correspondent banking. Kaplan Panesh, deputy chairman of the State Duma Committee on Budget and Taxes, said classifying crypto as property would allow asset holders to seek legal protection in court.

The legislation is expected to take effect on July 1, 2026, pending final approval. The bill introduces a specific exception for foreign trade, but domestic payment with crypto remains prohibited.