Russia's regime is defined by what the state needs crypto for. The 2020 Digital Financial Assets law legalized holding and trading while banning crypto as a means of payment inside Russia, and the central bank kept retail access to global crypto markets constricted. Sanctions changed the calculus: 2024 legislation legalized and licensed industrial mining from November 2024, with registered miners, reporting to the tax service, and regional bans where grids are strained, and a companion law created an experimental legal regime permitting the use of crypto in cross-border settlements under Bank of Russia supervision, an explicit sanctions-evasion channel.
Domestic liberalization is proceeding only at the top of the wealth ladder: the Bank of Russia's 2025 proposals confine direct crypto investment to an experimental regime for 'highly qualified' investors, while permitting crypto-linked derivatives for qualified investors, and officials continue to rule out legal-tender status. The digital ruble CBDC is being phased into wide use on a statutory timeline.
The instruments
Digital Financial Assets law
Defines digital financial assets and digital currency, permits holding and trading, prohibits accepting digital currency as payment for goods and services in Russia, and conditions judicial protection of holdings on tax declaration.
Mining legalization and registration
Legalizes industrial mining by registered entities and entrepreneurs, sets reporting to the tax authority, permits sale of mined coins through the experimental regime, and allows the government to ban mining regionally, which it has done in energy-stressed regions.
Experimental legal regime for cross-border crypto settlements
Permits authorized use of digital currency in foreign-trade settlements under Bank of Russia supervision, created to route around payment sanctions; scope and participants are controlled by the central bank.