The Bank of Russia and the Ministry of Finance have agreed on a draft law to regulate the country’s cryptocurrency market. Under the proposed framework, only licensed entities, including exchanges, brokers, and digital currency exchangers, will be authorized to facilitate transactions involving digital currency.
While domestic payments using cryptocurrency will remain banned, an exception is being introduced for certain international trade contracts.
“Allowing cryptocurrency exclusively for foreign trade is a clear signal that it will be permitted (somewhat reluctantly) only as a tool to bypass sanctions, especially if they tighten further,” said Sergei Khestanov, an economist and associate professor at RANEPA.
The initiative also includes plans to establish digital depositories, which will be responsible for recording rights to cryptocurrency and keeping track of the addresses where it is stored. These depositories will be listed in a centralized registry maintained by the Central Bank. Any assets held outside of registered addresses will not be protected under Russian law.
Exchangers will be subject to specific requirements, including a minimum monthly transaction volume of approximately RUB 3.5 mln ($45,000) and an obligation to report any suspicious transactions to the regulator.