Russia to Expand Crypto Market Participation by Year-End

MOSCOW, September 21. /TASS/. New participants with expanded powers may enter Russia’s crypto market by the end of this year, First Deputy Governor of the Bank of Russia Vladimir Chistyukhin said at the Moscow Financial Forum.

"We will see new participants with new powers, and the crypto industry will begin operating within the legal framework. At the same time, I would like to remind you that a transition period has been established until the middle of next year. This is precisely the time when everyone will be able to properly configure their internal systems and make all the necessary decisions regarding their role and place in the crypto market," Chistyukhin said.

The law regulating the circulation of digital currencies and digital rights in Russia took effect on September 1, 2026. Cross-border settlements in cryptocurrencies and stablecoins under foreign trade contracts are subject to standard currency control, anti-money laundering, and counter-terrorist financing procedures. Detailed requirements will be established by a Bank of Russia regulation governing the submission of supporting documents by residents and non-residents to authorized banks, a draft of which has already undergone a regulatory impact assessment.

Foreign trade participants may use cryptocurrencies and stablecoins for settlements under foreign trade contracts.

Qualified and non-qualified investors may purchase such assets subject to established requirements and may also transfer them abroad to their own foreign-based wallets or to non-residents as payment for goods and services.

The use of cryptocurrencies and stablecoins for domestic settlements has been considered an illegal currency transaction since September 1 and is subject to a fine of up to 40% of the transaction amount.