The Ministry of Finance and the Bank of Russia have reached an agreement on legalizing payments related to foreign economic activity (FEA) in cryptocurrency, according to Finance Minister Anton Siluanov.
We see a large area of work with crypto payments and cryptocurrency. Payment for imports, payment and withdrawal of currency from the country are carried out using the crypto market and crypto payments. We have agreed with the Central Bank on the need to streamline the legalization of this market with enhanced control functions from the Central Bank.
In July 2024, State Duma deputies approved a bill authorizing an experiment to create a platform for using cryptocurrencies in international settlements. The country's President Vladimir Putin signed it.
First Deputy Governor of the Central Bank, Vladimir Chistyukhin, previously noted that legislation regulating investments and the circulation of crypto assets is expected to be adopted in 2026. According to him, the licensing process for crypto market participants should start in the same year. The first licenses are expected to appear by the end of 2026, and in 2027, amendments to the Criminal Code and the Code of Administrative Offenses will come into force, establishing penalties for the illegal circulation of crypto assets.
