Quick Insights

  • Russia’s State Duma passed a crypto bill in first reading, according to TASS.
  • The bill would allow cryptocurrency in foreign trade settlements but keep the ruble as the only legal means of payment inside Russia.
  • The Bank of Russia would oversee licensing and supervision of market participants.
  • The legislation still needs further readings before it can become law.

Russia has moved another step toward formalising the use of crypto in cross-border trade, with the State Duma passing a bill in first reading that would allow digital assets in foreign settlements while keeping them out of everyday payments at home.

According to TASS, the bill would create a legal framework for crypto circulation in Russia and put the Bank of Russia in charge of licensing market participants and supervising the sector. Exchanges, brokers and other approved financial institutions would be allowed to operate inside that framework.

Crypto would be recognised as property under the proposal, but not as legal tender for goods and services inside the country. The ruble would remain the only legal means of settlement in Russia, while crypto would be allowed in foreign economic activity.

Russia Opens Crypto for Foreign Trade Only

The most important part of the bill is the foreign trade carveout. Russian companies would be allowed to settle with foreign counterparties in cryptocurrency, creating a formal route for cross-border transactions outside the domestic payments system.

That approach has been building for some time. In July 2024, Reuters reported that Russian lawmakers had approved a bill allowing businesses to use crypto in international trade. Around the same time, the Bank of Russia said exporters and importers would be allowed to use cryptocurrencies in cross-border settlements under an experimental legal regime.

TASS also reported that the new bill would create a simplified access procedure for entities already operating under that experimental regime, as well as for banks and brokers seeking to expand into crypto services.

First Reading Moves the Bill Forward but Stops Short of Law

The bill still has several stages to clear. It must pass second and third readings in the State Duma before moving to the Federation Council and then to President Vladimir Putin for signature. TASS said the legislation is expected to take effect on July 1, 2026, if it passes those final steps.

The proposal does not open the door to domestic crypto payments. It creates a regulated lane for foreign trade settlements, with the central bank controlling who can operate and how the market is supervised. That is a narrower shift than a broad legalisation of crypto, but it is still a meaningful move in Russia’s sanctions-era payments strategy.

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