The Russian Parliament has enacted a new law permitting the use of cryptocurrencies for cross-border settlements related to foreign trade contracts. This legislation empowers the Central Bank of the Russian Federation to create an experimental legal regime that will enable Russian exporters and importers to conduct transactions using cryptocurrencies.
Under this law, the experimental legal regime will have the authority to modify existing provisions within several federal laws, including those concerning currency regulation, payment systems, and organized trading. Specifically, it will allow:
- Adjustments to Federal Law No. 173-FZ (2003): Enabling digital currencies to be used as payment methods for international trade agreements;
- Adjustments to Federal Law No. 161-FZ (2011): Facilitating the creation of electronic platforms for cryptocurrency transactions;
- Adjustments to Federal Law No. 325-FZ (2011): Organising cryptocurrency trading and setting new standards for market access;
- Adjustments to Federal Law No. 259-FZ (2020): Identifying authorised entities responsible for overseeing cryptocurrency transactions in foreign trade;
Additionally, the law anticipates the establishment of organized trading for cryptocurrencies and will designate a special authorized organization to oversee these transactions.
The new regulations are set to come into effect on 1 September 2024, by which time the initial experimental legal regime is also expected to be operational.
At Cardinals we specialise in digital assets and cryptocurrencies. If you are considering implementing cryptocurrency settlement capabilities into your business, we can provide expert guidance and support to help you navigate the regulatory requirements.
