Vladimir Putin has signed legislation that shapes how digital financial assets, or DFAs, can be used in international payments. The law, which was published on a portal of legal information, marks a significant shift in Russia’s approach to digital currencies and their role in cross-border commerce. It clarifies when digital rights can function as a form of settlement in transactions that cross borders, and it sets out how these assets will interact with traditional currency controls and regulatory regimes.
Before the new framework, digital rights used in foreign trade activities generally operated outside the purview of currency regulation and control, with limited formal oversight. The enacted law creates a clear pathway for foreign trade transactions to be conducted using DFAs as a means of payment. Specifically, it defines foreign exchange transactions as the legal acquisition and disposition of digital financial assets between residents and non-residents, or between non-residents themselves. This definition provides a concrete basis for individuals and entities to conduct cross-border settlements with digital instruments, while outlining the circumstances under which such transactions are permissible and subject to scrutiny.
The Bank of Russia has been empowered to set conditions for certain monetary operations involving digital assets and to impose prohibitions on their execution when necessary. This authority allows the central bank to safeguard the integrity of financial markets, curb potential risks, and respond quickly to developments in the DFA market. The law also clarifies what constitutes a digital right with currency value versus a digital right without currency value, helping banks, businesses, and individuals determine how each asset should be treated for regulatory and tax purposes.
On 6 March, the Federation Council approved a bill that enables the use of DFAs and utilitarian digital rights to settle foreign trade transactions between Russian residents and non-residents. This step is presented as part of a broader effort to modernize Russia’s payment infrastructure and to facilitate smoother cross-border commerce in the digital era. The move aligns with ongoing work to integrate digital assets into the national financial system while preserving the safeguards needed to manage macroeconomic stability and consumer protection.
Earlier, the Central Bank of Russia issued recommendations for financial institutions aimed at reducing risks for citizens engaging in cryptocurrency-related activities. These guidelines focus on consumer protection, transparency, and the mitigation of fraud and operational risks associated with digital assets. By issuing these recommendations, the central bank signaled its intention to strike a balance between encouraging innovation and maintaining a robust risk management framework. Observers note that such guidance helps financial institutions develop safer products and services for customers who participate in crypto markets, including those who might use digital assets in cross-border transactions.
Industry commentators and experts have highlighted several notable developments surrounding Russia’s digital finance strategy. Some former crypto specialists emphasized the importance of closing access to certain crypto exchanges within the Russian Federation as a measure to reduce exposure to high-risk platforms. This stance reflects a broader precautionary approach that seeks to limit illicit activities and protect retail investors from volatile markets. At the same time, there has been steady progress in testing a digital ruble, with officials reporting positive indicators about its potential to support domestic payments, improve settlement efficiency, and reduce reliance on traditional cash and intermediary banks. The ongoing exploration of the digital ruble complements the DFA framework, offering a complementary tool for state-backed digital money while maintaining strict regulatory oversight to ensure financial stability.
Together, these moves paint a picture of a country intent on integrating digital assets into its financial system in a controlled and measured way. The DFA law provides a formal avenue for international settlements using digital assets, the central bank maintains the levers it needs to manage risk and enforce rules, and the broader policy environment continues to evolve with the aim of safeguarding investors and ensuring orderly, transparent markets. Stakeholders—from banks and exporters to importers and technology providers—are watching how the new regime will shape cross-border trade, liquidity, and regulatory compliance in the months ahead. Attribution: official legal information portal and subsequent regulatory briefings summarize the steps and intentions of these measures.