Russia Moves to Legalize Crypto Payments for Global Trade

On October 21, Finance Minister Anton Siluanov announced that the Ministry of Finance and the Central Bank of the Russian Federation had reached an agreement to legalize crypto payments for foreign trade. Siluanov stated that the new framework aims to bring order and transparency to a market that has been operating largely outside traditional regulation. "We believe that this area should be legalized," he stated during the strategic session, "Improving Economic Efficiency and Ensuring Equal Business Conditions." He explained that once crypto payments are regulated, the government will be able to better monitor transactions and prevent misuse, while also unlocking new possibilities for trade.

A Shift in Russia’s Economic Strategy

This move reflects Russia’s ongoing efforts to adapt its economy amid growing geopolitical and financial pressures. Cryptocurrencies, once viewed with caution by regulators, are now being recognized for their potential to facilitate cross-border payments without relying on traditional currencies like the US dollar or euro. The shift also responds to a growing domestic reality. According to Evgeny Masharov, head of the Association of Forex Dealers, Russian citizens and businesses already hold over 2.5 trillion rubles worth of digital assets. Many companies are reportedly using cryptocurrencies for foreign economic transactions, especially in trade with countries outside the Western financial system.

A real-world example of this can be seen in Iran, which has used cryptocurrency to pay for imports, bypassing certain banking restrictions. Russia appears to be following a similar path, exploring how digital currencies can reduce dependence on what it calls “unfriendly” currencies while maintaining trade activity more flexibly.

Balancing Innovation and Control

While the decision to legalize crypto payments opens new doors, it also raises important regulatory questions. Minister Siluanov emphasized the need for strong oversight to prevent illegal activities such as capital flight or money laundering. The plan includes closer cooperation with Rosfinmonitoring, Russia’s financial intelligence agency, to ensure transparency in crypto-related transactions.

Experts predict that 2026 could become a turning point for crypto regulation in Russia. Authorities are developing a legal framework that supports innovation while protecting financial stability. This balance will be key to Russia’s success in integrating digital currencies into its economic system.