The Bank of Russia has published draft regulations that would allow trading of digital currencies on organized exchanges, marking the first formal step toward a legal cryptocurrency market in the country. The proposal amends existing 'organized trading' rules to include the term 'digital currency' and requires exchanges to report digital assets through the same systems used for regular currencies and securities.
What the draft says
The Bank of Russia stated it has drafted 'first regulations to launch cryptocurrency market in Russia.' Under the rules, crypto exchanges must feed digital asset data into existing pricing, monitoring, and reporting frameworks. That means the same infrastructure that tracks ruble and stock trades would now cover Bitcoin and other tokens. The central bank didn't specify which digital currencies would qualify or when the rules would take effect.
The legal backdrop
Using crypto as a form of payment has been illegal in Russia since 2022. But lawmakers have been open to using cryptocurrencies for international settlements, especially after a 2023 bill legalized digital currency for cross-border payments. That law was widely seen as a way to help Russian businesses skirt international sanctions imposed after the 2014 annexation of Crimea and the 2022 invasion of Ukraine. The new draft rules don't touch the domestic payment ban — they focus on exchange trading and reporting.
Putin's position
President Putin has said Russia has 'competitive advantages' in Bitcoin mining due to abundant cheap energy. In December 2024, he hinted at Russia using Bitcoin, saying 'Bitcoin, who can ban it? Nobody.' The draft regulations align with that direction, though the central bank has historically been cautious. The shift suggests Moscow sees a regulated crypto market as a tool for international finance, not domestic use.
The State Duma is preparing comprehensive regulation of cryptocurrency, which could go beyond the central bank's draft. The Bank of Russia is expected to collect feedback on its proposal before finalizing the rules. No timeline has been set, but the Duma's broader bill could move faster. For now, Russia's crypto market remains a patchwork of bans and exceptions — this draft is the clearest signal yet that the government wants to build a legal framework.
