According to Bloomberg, Russia is advancing cryptocurrency regulatory legislation to deal with foreign exchange payment difficulties under US sanctions. The State Duma will review the bill on cryptocurrency and crypto mining on Tuesday, and it is expected that the Federation Council will quickly approve it and the president will sign it into law.
Aksakov said that despite previous concerns that legalizing cryptocurrencies would affect the development of the domestic market, their use is an "objective phenomenon that cannot be ignored." Putin called on the government this month to seize the opportunity to regulate the use of cryptocurrencies in domestic and international transactions.
The Russian central bank softened its stance late last year, supporting the experimental use of cryptocurrencies and mining in cross-border settlements, but still advised financial institutions not to disclose related services. Under the legislation, cryptocurrencies will be regulated as foreign currencies in Russia.
Analyst Aslanyan noted that only large exporters are likely to qualify for the new regulations, making crypto payments a “closed club” that excludes small and medium-sized enterprises. Once the regulations come into effect, companies can act boldly.
