Russia Advances Crypto Bill in First Reading, Opens Door for Bitcoin in Foreign Trade

Russia has moved a step closer to regulating digital assets after its parliament approved a crypto bill in the first reading. The proposal sheds light on how cryptocurrencies, including Russia’s Bitcoin activity, could be used within a legal framework. The country seems to be taking a measured approach, especially when it comes to how crypto can be used.

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Russia Allows Bitcoin Use in Cross-Border Settlements, Keeps Domestic Ban

According to a report by TASS, the bill classifies cryptocurrency as property. This gives crypto legal recognition in areas like court proceedings, including bankruptcy and asset disputes.

But the legislation keeps strict limits in place. Crypto cannot be used for payments within Russia. Ruble remains the only legal tender. The key change is in crypto foreign trade, where companies may be allowed to use digital assets for cross-border settlements.

The Bank of Russia will act as the main regulator. It will oversee licensing and market activity. The proposal also introduces a tiered system for investors. Earlier plans suggest retail investors could face limits of around 300,000 rubles (about $3,900), while professional participants may have fewer restrictions.

Since 2022, sanctions have limited access to SWIFT and parts of the global banking system, making cross-border settlements more complex. This has led some businesses to explore alternatives that do not depend on US dollar clearing.

Crypto-linked trade activity has been estimated at close to 1 trillion rubles (around $11 billion) in 2025, with some exporters in sectors such as oil, metals, and agriculture using digital assets in transactions with partners in countries including China, Turkey, and India.

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Russia Weighs New Tax Measures

The development comes as Russia is also exploring new revenue measures. A Bloomberg report said officials are considering a Russia tax in the form of a windfall levy on banks and commodity producers to address a growing budget gap.

The proposal is still under consideration, but it shows growing pressure on government finances as spending rises and economic growth slows. No final decision has been announced so far.

The crypto bill is still not final. It must pass the second and third readings before moving forward. If approved, it could take effect from July 2026. But the proposal suggests Russia is opening limited pathways for crypto use, mainly focused on international trade rather than domestic payments.

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