Russia

Russia permits crypto for foreign trade, with regulations expected by November

The Russian Central Bank and the Ministry of Finance are developing legislation that will govern cross-border crypto payments. The administration plans to finalize these regulations by the end of November. The crypto payment method will first be implemented under an experimental legal regime (EPR), with only a few players, such as credit institutions and banks. This stepwise strategy tries to reduce risks and set policies to keep the market safe

Russian parliament legalizes crypto for international trade and mining

The Russian parliament has passed a law allowing the use of crypto for international trade and legalizing crypto mining to counteract the effects of Western sanctions and regulatory constraints on Russian banks. The move aims to improve cross-border transactions and bypass trade restrictions, mirroring Venezuela’s use of crypto to evade sanctions. The law introduces a regulatory framework for Digital Financial Assets (DFAs) and Central Bank Digital Currencies (CBDCs), giving the