Crypto Regulations: Russia Backs Crypto Use for Foreign Trade Settlements

Key insights:

• Crypto regulations: Russia’s State Duma passed a bill in first reading to regulate crypto circulation and market participants.
• The bill allows crypto in foreign trade settlements but bans its use for domestic goods and services payments.
• The Bank of Russia would license participants, with investor access rules and limits for non-qualified buyers.

Russia has moved a new crypto regulation bill one step forward after the State Duma approved it. The proposal would create a legal framework for crypto circulation and place oversight under the Bank of Russia. It will also define which entities can operate in the market.

Also, it would ban crypto payments for goods and services inside the country. At the same time, this proposal would allow digital assets to be used in foreign economic activity.

However, the bill must still clear two more readings in the State Duma. Then, it should pass the Federation Council and reach the president for final approval. If enacted as planned, the crypto regulation would take effect on July 1, 2026.

Crypto Regulations: State Duma Advances Crypto Framework

Russia’s lower house approved the bill in its first reading as lawmakers continued work on a broader legal structure for digital assets.

According to TASS, the measure sets out rules for crypto circulation. It also names the Bank of Russia as the main authority for licensing market participants and supervising activity in the sector.

That would place exchanges, brokers, and other approved financial institutions under a more formal regime.

The draft also offers a simplified entry path for companies already operating under the Bank of Russia’s experimental legal regime.

Banks and brokers seeking to expand into crypto services would also be able to enter the market under the proposed system. However, for this to happen, they should meet the required standards.

The structure points to a more controlled market model rather than an open retail environment.

Crypto Bill Keeps Domestic Payment Ban in Place

The legislation does not open the door to crypto for everyday domestic payments. Under the proposal, the ruble would remain the only legal means of settlement inside Russia.

At the same time, cryptocurrency would not be allowed for payments for goods and services in the domestic economy.

That keeps the country’s long-standing distinction between owning digital assets and using them as regular payment instruments at home. At the same time, the bill would recognize cryptocurrency as property.

Kaplan Panesh said that this status would allow crypto assets to receive legal protection in court. This includes bankruptcy and divorce cases.

Kaplan is the deputy chairman of the State Duma Committee on Budget and Taxes. That legal classification gives holders a clearer position in civil disputes while still limiting how crypto can function in daily commerce.

Cryptocurrency in Foreign Trade Settlement

The main shift in the bill is its treatment of foreign trade. While domestic crypto payments would remain prohibited, the proposal creates an exception for foreign economic activity.

That would allow Russian companies to settle with overseas counterparties in cryptocurrency under a legal framework approved by the state.

Panesh said the exception would let Russian businesses use cryptocurrency in cross-border settlements. This would happen at a time when traditional payment channels remain constrained.

In 2025, Russian firms were already using crypto in some cross-border transactions. This surged as sanctions pressure disrupted payment flows with trading partners.

Meanwhile, the bill also sets out different access rules for different classes of investors. Non-qualified investors face a purchase cap of 300,000 rubles, or about $3,900. On the other hand, professional participants would not face the same limit.

That tiered approach mirrors earlier Russian policy efforts that sought to limit exposure for smaller retail users. At the same time, it allows broader participation for licensed and professional market actors.

The crypto regulation must pass the second and third readings in the State Duma. Then, it should move to the Federation Council, and finally go to the president for signing.

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