Russia, recently recognized as the main adopter of cryptocurrencies in Europe, is preparing to comprehensively review its regulatory framework for digital assets. Authorities are planning new laws that would allow the use of cryptocurrencies in cross-border transactions, while strengthening surveillance of their circulation within the country. This initiative aims to go beyond the current pilot framework by establishing clear rules for legitimate use of digital assets and precise sanctions against illicit operations.
In brief
- Russia plans to allow cryptocurrency in international trade, while maintaining strict domestic oversight.
- The Ministry of Finance and the Central Bank of Russia insist on the need for clear rules to govern the national crypto market.
Towards a formalization of cross-border cryptographic transactions
Following a strategic meeting chaired by Prime Minister Mikhail Mishustin, the Ministry of Finance and the Central Bank of Russia (CBR) agreed to formalize the use of cryptocurrencies in international trade, under enhanced state supervision.
Finance Minister Anton Silouanov highlighted the growing use of cryptocurrencies in import payments and cross-border transfers. He specified that the ministry and the Central Bank had agreed on the need for a clear regulatory frameworkthe BCR having to strengthen its supervisory role.
According to Silouanov:
We believe that this sector must be legalized and regulated by law. Thus, together with Rosfinmonitoring and regulatory agencies, we will be able to ensure and restore order in this area.
Russia strengthens surveillance of crypto activities
In terms of enforcement, Attorney General Alexandre Goutzan announced that Russia is preparing a law aimed at making individuals involved in illegal activities related to digital currencies. At a session of the Coordination Council of Prosecutors General of the CIS countries, he said: “ Legislative amendments are underway to establish liability for illegal organization of circulation of digital currencies, as well as the procedure for confiscation and transfer of funds to the state. »
Goutzan stressed that with the growth of the digital economy, the regulation of cryptocurrencies is becoming a major issue. He added that the public prosecutor's office helped establish a framework to monitor mining, prevent money laundering and trace transactions linked to criminal activities.
Divergent positions on crypto regulation
Despite increasing adoption of cryptocurrencies by Russian citizens, the Central Bank maintains a cautious stance. She still does not recognize cryptos as a legal means of payment on the territory. The bank proposed to prohibit transactions between individuals outside the regulatory framework called ELR, providing for sanctions in the event of infringement, without yet specifying how existing assets would be treated.
The Ministry of Finance is taking a more pragmatic approach. It supports gradual legalization to foster innovation while placing existing activities under state supervision. Siluanov acknowledged that the scale of cryptocurrency use in Russia is now too great to ignore, making regulation “a necessity rather than an option.”
The Bank of Russia strengthens its monitoring of crypto assets and loans
In March 2025, the Central Bank estimated that exchange wallets linked to Russia held approximately 827 billion rubles. Bitcoin accounted for the largest share at 62.1%, followed by Ethereum at 22%, while stablecoins USDT and USDC together made up 15.9%.
As part of its supervisory duties, the Bank of Russia plans to conduct a survey by early 2026 to assess crypto-related investments and loans. It will examine the amount invested by the companies monitored, the size of loans granted to companies in the sector and the share of investments made for risk hedging purposes as of January 1, 2026.
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