Russia to legalize international cryptocurrency settlements

Financial regulators in the Russian Federation are going to officially legalize the use of cryptocurrency in cross-border payments, moving beyond the existing “experimental” legal regime.

Russian companies have been utilizing digital coins for trade settlements, bypassing financial restrictions imposed on their country over the war in Ukraine, severely limiting their access to global markets.

Russia to legalize and regulate international cryptocurrency payments

The Russian Ministry of Finance (Minfin) and the Central Bank of Russia (CBR) have agreed to formally legalize the use of cryptocurrencies in foreign economic transactions.

The news was announced by Finance Minister Anton Siluanov, who also noted that the regulation of crypto payments should help put such activities in order.

Quoted by the RIA Novosti news agency, Siluanov elaborated:

“We believe this area should be legalized and should be subject to legislative regulation. Thus, together with Rosfinmonitoring and other regulatory agencies, we will be able to establish and ensure order in this sector.”

The head of the Russian Treasury was speaking after a strategic discussion devoted to “improving economic efficiency and ensuring a level playing field for business.”

Siluanov emphasized cryptocurrency settlements are a key area of interest for Russian authorities as, besides for payments, they can be used to export funds from the country as well.

Therefore, he insisted, alongside legalizing them, it is necessary to strengthen regulatory control. Quoted by the business news outlet RBC, he explained:

“Imports are paid for using cryptocurrency. We have agreed on the need to legalize and streamline this market, with increased oversight by the central bank.”

Siluanov made it clear that the Minfin and the CBR are also on the same page in regards to the need to adopt the respective legislation, which he described as “essential.”

Moscow is moving beyond mere crypto experiment

Russian financial regulators, most notably the Bank of Russia, remain opposed to permitting the free circulation of cryptocurrencies in Russia’s economy, particularly their use for payments.

However, they allowed crypto payments in the context of foreign economic activity, under a special “experimental legal regime” (ELR), strictly controlled by the monetary authority.

Within its framework, trading platforms authorized by the central bank provide exchange services to Russian importers and exporters using digital assets in their dealings with partners abroad.

In certain cases, the approval of the Federal Financial Monitoring Service (Rosfinmonitoring), the Federal Security Service (FSB) or the Ministry of Finance is needed, too.

The ELR is also available to “highly qualified” investors who have been granted access to Bitcoin and similar services based on their annual income and previous investments in deposits and securities.

During a fintech forum in October, Russian bankers called for taking into account the interests of millions of Russians who have already bought crypto but do not meet the criteria to fall into that narrow category.

The chief executives of Sberbank and Alfa-Bank, two of Russia’s largest banking institutions, highlighted that only about 40,000 market participants are now eligible for crypto trading, while the actual number of crypto users is much higher.

Some recent estimates suggest that around 20 million Russians are currently holding more than $40 billion worth of cryptocurrency in their digital wallets.

Their country was recently ranked first among crypto adopters in Europe, having received over $376 billion worth of digital coins between July 2024 and June 2025 alone, according to Chainalysis.

The finance ministry also urged for widening investor access to crypto assets and CBR Governor Elvira Nabiullina signaled the regulator is ready to consider such decision.

Russian officials indicated earlier in October that comprehensive cryptocurrency regulations, especially crypto investment rules, are to be expected in 2026.

If you're reading this, you’re already ahead. Stay there with our newsletter.