Russia to Introduce New Cryptocurrency Rules from September
Dragon Media News Desk
Russia will introduce a new legal framework governing cryptocurrency transactions from September 1, establishing clearer rules for the purchase, sale, ownership and use of digital currencies in foreign trade while keeping the ruble as the country’s sole legal means of payment.
Russian lawmaker Igoshin told TASS that cryptocurrency will not be introduced into everyday domestic payment circulation under the new rules.
The ruble will remain the only legal means of payment for ordinary transactions involving goods and services inside Russia.
At the same time, digital currency will be legally recognized as property. It may therefore be bought, sold, gifted and transferred through inheritance.
Transactions involving the exchange of cryptocurrency for rubles or other assets will have to be conducted through specially authorized intermediaries included in a register maintained by the Bank of Russia.
Non-qualified investors will be allowed to purchase up to 300,000 rubles worth of cryptocurrency per year through a single intermediary, subject to the applicable requirements.
The new framework is intended to bring cryptocurrency transactions within a regulated legal structure while providing clearer protection for investors and market participants.
Digital currencies will also be permitted for settlements in foreign trade.
Russian businesses have long sought greater flexibility in cross-border payments, particularly as sanctions have complicated access to some traditional international payment channels.
The measure is therefore expected to provide importers and exporters with an additional settlement option for international transactions.
Russian authorities have emphasized that the objective is not to make cryptocurrency an alternative domestic currency, but to regulate its circulation, clarify ownership rights and expand payment options for foreign trade.
Under the new rules, cryptocurrency ownership and investment will receive a clearer legal basis, while the ruble will retain its exclusive status as Russia’s legal means of payment.
