Moscow Eyes Legal Crypto Trading Under State Oversight
The Bank of Russia is now openly calling for the legalization of cryptocurrency exchange, marking a sharp shift in its approach toward digital assets. The goal, according to officials, is to bring crypto trading under government control to prevent money laundering and terrorism financing, while simultaneously expanding the use of digital assets in foreign trade.
Vladimir Chistyukhin, the first deputy chairman of the Central Bank of Russia (CBR), told lawmakers that formal crypto exchange rules have become a top national priority. Speaking before the Federation Council’s Committee on Budget and Financial Markets, he said Russia must “move quickly” to create clear legislation that defines how ruble-to-crypto transactions should operate.
Crypto Payments for International Trade
Chistyukhin emphasized that legalization will help develop international settlements in cryptocurrencies, a sector the Russian government has been trying to expand since the onset of Western sanctions.
Russia’s access to global markets and the SWIFT banking system remains heavily restricted, pushing policymakers to explore crypto as an alternative payment channel for cross-border trade.
Despite this, crypto-based settlements under Russia’s “experimental legal regime” (ELR) have not progressed as expected. Chistyukhin blamed this on both the complexity of international sanctions and the lack of a full regulatory framework for crypto transactions.
He also acknowledged that traditional tools, such as direct correspondent banking accounts, still outperform crypto for foreign payments, but said that a legalized exchange system could close that gap.
A Turning Point for Russia’s Crypto Policy
For years, the Bank of Russia held one of the toughest anti-crypto stances among major economies, insisting that the ruble - including its upcoming digital version - remain the only legal tender. However, since sanctions began following the invasion of Ukraine, Moscow’s position has softened.
In 2023, the central bank allowed limited crypto use in foreign trade under the ELR, but access was restricted to corporate entities and “qualified investors.” Ordinary citizens still face limited legal access to crypto - a situation that has fueled the country’s growing gray market for digital currencies.
Legalization Seen as Strategic Response to Sanctions
Russia’s pivot toward crypto legalization isn’t just economic - it’s strategic. As sanctions isolate its financial system, Moscow increasingly views blockchain-based payments as a way to bypass Western restrictions and maintain global trade activity.
Still, regulators are cautious. Any new law would likely introduce strict oversight, with state-controlled exchanges and mandatory AML/KYC procedures. The plan would effectively legalize crypto exchanges, but within a tightly monitored framework aimed at preserving the ruble’s dominance.
Meanwhile, the Ministry of Finance and Central Bank are drafting joint proposals to regulate crypto use beyond the current ELR limits - a signal that comprehensive national crypto legislation could arrive as early as 2026.
Crackdowns and Contradictions Continue
Despite the central bank’s shift toward legalization, Russia continues to pursue crackdowns on unregulated crypto activity. A recent proposal to criminalize illegal crypto transactions sparked comparisons to Soviet-era currency laws, reigniting fears that the state may still lean toward heavy control.
Yet, with over 20 million Russians using crypto and more than $40 billion held in digital wallets, full prohibition appears increasingly unrealistic. As the crypto underground grows, regulators are now trying to bring it into the light - under their supervision.
