Russia’s State Duma Moves Crypto Bill to Final Readings

Western sanctions have restricted Russian companies’ access to channels for international trade and cross-border payments, prompting them to seek cryptocurrencies as an alternative settlement tool. The new bill distinguishes between cross-border trade and domestic consumer transactions, helping companies conduct international business while preserving the ruble’s legal status in Russia’s domestic payment system.

Russia’s State Duma has approved a cryptocurrency regulation bill in its first reading, allowing companies to settle international trade in cryptocurrencies while maintaining a blanket ban on their use to pay for domestic goods or services. The bill also designates the Bank of Russia as the main regulator responsible for issuing licenses and monitoring transactions. The information currently available does not specify the voting date, any monetary amounts or the timetable for further readings.