Russia to obligate export firms to convert crypto proceeds into rubles.

The finance ministry in Moscow has made it clear it may soon obligate Russian companies to convert their cryptocurrency revenues into local fiat.

The department also announced that the long-awaited legislation to regulate the country’s crypto market will be filed with the parliament next week.

The bill must be passed by the summer, with Russia’s first legal cryptocurrency transactions expected to take place as early as this year.

Minfin eyes return of Russian crypto earnings from abroad

The Russian Ministry of Finance is considering ways to repatriate cryptocurrency received by firms engaged in foreign economic activities.

It has just supported proposals to expand the rules requiring companies to sell their foreign currency earnings for Russian rubles to cover crypto revenues.

A regulation mandating the repatriation and sale of foreign fiat expires in May, and the Minfin wants it renewed, Deputy Finance Minister Ivan Chebeskov told Russian media.

Speaking to reporters at the State Duma, the lower house of parliament, the high-ranking government official confirmed this week:

“Our position has always been that it makes sense to extend this decree, and to keep it in effect.”

Quoted by the Interfax news agency, he also stressed that the mechanism allows Russia’s financial intelligence body, Rosfinmonitoring, to keep a close eye on such flows.

Asked whether it’s also reasonable to widen its scope and include cryptocurrency transactions, the role of which has been growing in cross-border settlements under sanctions, Chebeskov remarked:

“It’s quite possible … there’s definitely some logic to it.”

The decree was issued in October 2023 to ensure stable exchange rates for the Russian ruble and sustain the country’s financial market.

It was mainly focused on companies exporting products from the fuel and energy sector, metallurgy, the chemical and forestry industries, as well as grain farming.

They were initially required to deposit no less than 40% of the foreign currency received into accounts with authorized banks and sell at least 90% of it on the domestic market.

In mid-August 2025, the Russian government lowered these thresholds, but the head of the Minfin’s Financial Policy Department, Alexey Yakovlev, stated in September these could be revised, if needed.

The finance ministry has been a strong proponent of the decree, repeatedly highlighting its positive impact on the forex market.

“We observed a stabilization of the ruble exchange rate, meaning the mechanism demonstrated its effectiveness,” Yakovlev said at the time.

Russia to regulate its crypto market this spring

Meanwhile, the Ministry of Finance also announced that a draft law designed to regulate Russia’s crypto market will be filed within days.

Speaking at Crypto Summit, Russia’s main cryptocurrency event held March 25 – 26, Alexey Yakovlev revealed:

“A government meeting is expected, and the bill will be submitted to the State Duma next week.”

The legislation has been developed in collaboration with the Central Bank of Russia (CBR) and is based on its regulatory concept released in December 2025.

The monetary authority wants to see it adopted during the spring session of the house, said Ekaterina Lozgacheva, director of the bank’s Financial Market Strategy Department.

That means Russia should have a comprehensive framework for digital assets in place by July 1, 2026, at the latest, as indicated in earlier statements by its representatives.

Quoted by Interfax, Lozgacheva also emphasized:

“By the end of the year, the first legal [crypto] transactions will be possible.”

She added that the CBR is prepared to issue all necessary additional regulations in the second half of 2026 to give market participants the clear rules they need.

The law will introduce a “relatively simple” licensing regime for crypto exchanges, Lozgacheva unveiled, and these will be required to comply with anti-money laundering regulations.

Crypto transactions will be processed by traditional financial market players, too, such as stock exchanges, brokers, and trustees under their existing licenses.

Crypto depositories will have to obtain a separate license as their activity is associated with specific management requirements due to cybersecurity and information risks.

Bank of Russia’s policy document envisages recognizing cryptocurrencies and stablecoins as “monetary assets” that can be bought and sold, but may not be used for payments.

Besides qualified investors, ordinary Russians will be granted access to major digital currencies like Bitcoin, although their purchases will be limited to 300,000 rubles a year (less than $4,000).

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