In a landmark move signaling a shift in its digital asset policy, the Russian government has officially approved an experimental framework allowing the use of Bitcoin and other cryptocurrencies for cross-border transactions. Starting September 1, 2025, Russia will launch a pilot program known as the Experimental Legal Regime (EPR), enabling licensed exchanges and financial institutions to facilitate cryptocurrency-based foreign trade settlements. This development marks a pivotal moment in Russia’s evolving relationship with digital currencies.
A Strategic Shift in Crypto Policy
The Russian State Duma recently passed legislation authorizing the use of Bitcoin (BTC), Ethereum (ETH), and stablecoins like USDT within the EPR framework. Unlike previous restrictions that banned the domestic use of cryptocurrencies for purchasing goods and services, this new initiative focuses exclusively on international trade, aiming to explore the feasibility of digital assets in cross-border finance.
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This regulatory pivot reflects a broader strategic interest in leveraging blockchain technology to strengthen financial sovereignty and reduce dependency on traditional Western banking systems. By including not just central bank digital currency (CBDC) but also decentralized cryptocurrencies, Russia is positioning itself at the forefront of real-world digital currency experimentation.
Regulatory Oversight and Risk Management
Under the new rules, the Central Bank of Russia will serve as the primary regulatory authority overseeing all EPR-related activities. It will collaborate with key federal agencies, including:
- The Federal Financial Monitoring Service (Rosfinmonitoring)
- The Federal Security Service (FSB)
- The Ministry of Finance
This multi-agency approach ensures comprehensive oversight, particularly in mitigating risks related to money laundering, terrorist financing, and national security threats. If any suspicious activity is detected, the Central Bank must report it to the FSB and financial regulators within 10 days.
The EPR framework also mandates strict compliance protocols for participants. Each proposal must clearly define:
- Rights and obligations of all parties involved
- Procedures for entering and exiting crypto trades
- Requirements for exchange operators
- Roles of foreign exchange control authorities
These measures aim to create a transparent, secure environment for testing digital asset integration into international commerce.
Three Key Experiments Launching in September
Beginning September 1, the Central Bank of Russia will initiate three major experiments under the EPR:
- Cryptocurrency Settlements in Foreign Trade: Businesses engaged in international trade can now use Bitcoin and other approved digital assets to settle payments across borders.
- Crypto Exchange Trading: Licensed exchanges within Russia will be permitted to offer cryptocurrency trading under strict regulatory supervision.
- National Crypto Operations Platform: An electronic platform based on Russia’s National Payment System (NPS) will be developed to support regulated crypto transactions.
This multi-pronged strategy allows Russia to test various aspects of digital finance—from market operations to infrastructure development—while maintaining tight control over systemic risks.
Licensed Exchanges Ready for Crypto Trading
Seven major Russian exchanges have already been approved to participate in the EPR program:
- Moscow Stock Exchange
- St. Petersburg Stock Exchange
- St. Petersburg International Commodity Exchange (SPIMEX)
- St. Petersburg Currency Exchange (SPCE)
- Far East Exchange
- National Commodity Exchange
- CTS Exchange
Anatoly Aksakov, Chairman of the State Duma’s Financial Market Committee, confirmed that these platforms are technically prepared to launch crypto trading once legal conditions are fully in place. “The largest exchange in the country is ready,” he stated, emphasizing that implementation could begin swiftly with minimal delays.
Russia initially planned to launch a state-run cryptocurrency exchange in 2022 but shifted focus toward establishing a robust regulatory foundation for private-sector participation instead.
Growing Adoption Amid Low Penetration
Despite global trends showing widespread crypto adoption, Russia’s current penetration remains relatively low. In 2025, approximately 3.02 million Russians—about 3.6% of the population—own cryptocurrency. While this number is modest compared to global averages, experts believe the new EPR program could accelerate adoption by legitimizing digital assets within a formal financial framework.
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As businesses begin utilizing crypto for cross-border trade, more individuals may gain exposure through employment, investment opportunities, or financial services linked to blockchain technology.
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Frequently Asked Questions (FAQ)
Q: Is Bitcoin now legal tender in Russia?
A: No. Bitcoin is not legal tender in Russia. However, under the new Experimental Legal Regime (EPR), it is permitted for use in cross-border trade settlements between businesses, not for everyday domestic transactions.
Q: Can Russian citizens buy and trade cryptocurrency freely?
A: Under the EPR, only licensed exchanges can facilitate crypto trading. Individuals may participate through these regulated platforms, but general retail usage remains restricted outside the experimental framework.
Q: What role does the Central Bank of Russia play in the EPR?
A: The Central Bank oversees all EPR activities, including approving proposals, monitoring risks, and coordinating with security and financial oversight agencies to prevent illicit use.
Q: Are stablecoins like USDT allowed under the new rules?
A: Yes. The legislation explicitly permits the use of stablecoins such as USDT alongside Bitcoin and Ethereum for international trade settlements within the EPR framework.
Q: Will this lead to a Russian national cryptocurrency?
A: While discussions about a sovereign digital ruble continue, the current EPR focuses on integrating existing private cryptocurrencies into regulated financial channels rather than launching a new state coin.
Q: How long will the EPR experiment last?
A: The duration has not been publicly specified, but experimental regimes typically run for 1–3 years, with outcomes evaluated before potential permanent legislation is introduced.
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Conclusion
Russia’s decision to allow Bitcoin and other cryptocurrencies for cross-border trade represents a significant step toward modernizing its financial infrastructure. By launching a tightly controlled experiment involving licensed exchanges, national payment systems, and interagency oversight, the country is balancing innovation with security.
While public crypto ownership remains low at 3.6%, the EPR program could catalyze broader adoption by demonstrating practical applications in international commerce. As global interest in digital currencies grows, Russia’s approach may serve as a model for other nations seeking to integrate blockchain technology into their financial ecosystems—without compromising regulatory control.