Russia may soften its ban on crypto payments as Duma committee amends draft law

Russia’s State Duma is considering amendments that would loosen the ban on using cryptocurrency as a means of payment, according to Interfax. For high-risk payment providers, the important part is not the politics; it is that the draft appears to be moving from a blanket prohibition toward a narrower, regulated list of permitted use cases.

1. The State Duma’s financial markets committee has prepared a set of amendments for the second reading of the draft law on cryptocurrency regulation in Russia, Interfax reported, citing a source familiar with the talks. One of the proposals would increase the number of situations in which crypto could be used for payments.
2. Under the original draft, digital currencies and digital rights were banned as a means of payment inside Russia, with exceptions only for mining rewards and payments under foreign trade contracts. The committee now proposes allowing crypto to be used to pay for securities, other digital currencies and digital rights, as well as commissions for transfers or purchases in blockchain systems.
3. Interfax said the changes would effectively legalize crypto-to-crypto exchange inside Russia on a licensed venue. Crypto would also be allowed for buying shares and bonds, but only in private transactions; use through a public offer would remain prohibited.
4. The draft keeps strict admission criteria for cryptocurrencies listed on an exchange. Over a two-year period, average market capitalization must exceed 5 trillion rubles, average daily trading volume must be more than 1 trillion rubles, and the price history on a licensed foreign exchange must be at least 5 years, with that venue’s average trading volume above 100 billion rubles. Interfax said only bitcoin and Ethereum currently meet those thresholds.
5. Stablecoins, including USDT and USDC, may not fit the Russian legal definition of a digital currency, Interfax reported. The draft defines a digital currency as an asset with no obligated party to its holders, while stablecoin issuers do have obligations to maintain the peg and redeem tokens. The amendments also add a clause allowing the Central Bank board to admit cryptocurrencies that do not meet the criteria for up to six months, and allowing an exchange operator to admit any crypto outside the Central Bank list for qualified investors, with such trading not treated as public circulation of digital currencies.

The timeline has also moved. The law was initially due to enter into force on 1 July, but the second-reading version proposes shifting that to 1 September. Some provisions would be delayed until 1 July 2027, including the rule that crypto transactions must be carried out only through licensed intermediaries.