Digital Currencies: New Rules of Circulation and Restrictions for Businesses

New rules for the circulation of digital currencies and digital rights will come into effect in Russia on September 1, 2026. The main idea behind the regulations is to define acceptable methods for working with cryptocurrency, establish requirements for professional market participants, and gradually move operations into a state-controlled environment. However, there will be no complete ban on owning or trading digital currencies: restrictions primarily apply to the use of cryptocurrency as a means of payment within the country.

Ban on payment for goods and services

Starting September 1, digital currencies and digital rights will no longer be accepted as payment for goods, work, and services, as well as information and intellectual property. This means that Russian businesses will no longer be able to use cryptocurrency as a standard means of payment for their clients or counterparties within their domestic transactions.

However, exceptions to the general ban are provided. Specifically, digital currency will be allowed to be used in certain transactions related to foreign economic activity, as well as in settlements with other digital currencies and digital rights. The Bank of Russia specifically states that participants in foreign trade will be able to use cryptocurrency for cross-border settlements.

For businesses, this means they must differentiate digital currency transactions based on their intended purpose. Owning or acquiring cryptocurrency itself is not prohibited, but using it as a universal alternative to ruble transactions within Russia is prohibited.

New rules for crypto market participants

Along with these restrictions, more detailed regulations are being introduced for the infrastructure through which digital currency transactions will be conducted. The law defines requirements for professional market participants and the procedures for certain transactions involving cryptocurrency and digital rights.

In particular, rules are established for:

• digital depositories that will ensure the accounting and storage of relevant digital assets;
• crypto exchangers that carry out operations for the purchase and sale of digital currency;
• participants in organized trades that allow digital rights to circulate;
• intermediaries involved in transactions with digital currencies;
• persons carrying out certain types of transactions with digital assets.

Thus, regulation creates a separate infrastructure for working with digital currencies. For businesses, this means that cryptocurrency transactions will gradually be carried out not only through agreements between individual participants, but also with due regard for established requirements for intermediaries and information infrastructure.

Restrictions for bank transfers

The next phase of regulation will begin on July 1, 2027. From this date, credit institutions will be required to refuse certain transfers to residents in favor of so-called unauthorized recipients—individuals who may be involved in illegal cryptocurrency exchange and are not included in the required registry.

An important point is that this doesn’t just apply to transfers within Russia. The restrictions will also apply to certain cross-border transactions, including those made using bank cards.

An additional information mechanism will be created for the banking sector:

• The Bank of Russia will transfer information about foreign payment services related to such transactions to credit institutions;
• banks will be able to use this information when making payments;
• Transfers to unauthorized recipients will be subject to refusal in cases provided by law.

Thus, control over cryptocurrency transactions will extend not only directly to crypto platforms, but also to the traditional banking infrastructure through which settlements with participants in such a market may take place.

Digital assets in enforcement proceedings

Certain changes apply to situations where digital currency or digital rights belong to the debtor. Effective September 1, a procedure for foreclosure on such assets through enforcement proceedings will be established.

This is especially important for organizations and individuals who consider digital assets to be property. Their presence does not preclude the possibility of forced collection: legislation provides a special mechanism for handling such assets in enforcement proceedings.

At the same time, the specifics of admitting digital rights to organized trading are being defined. This creates additional opportunities for their circulation within a regulated infrastructure and links digital asset transactions with existing financial market mechanisms.

Reporting on transactions with foreign systems

Another change will come into effect later. Starting May 2, 2027, individuals who are tax residents of Russia will be required to report to tax authorities any digital currency transactions conducted through foreign systems.

This means that state control will extend beyond transactions within the Russian regulatory framework. Special attention will be paid to digital currency transactions by Russian residents through foreign platforms and infrastructure.

For users, this means the need to take into account disclosure requirements when working with foreign services. Ultimately, this mechanism should provide tax authorities with a more complete understanding of residents’ transactions with digital currencies.

What’s changing for business?

For companies already using digital currencies or considering them, a key change will be the separation of permitted and prohibited transactions. Internal payments for goods and services cannot be made in cryptocurrency, while certain transactions, particularly those related to foreign trade, remain valid.

In practice, businesses should pay attention to several issues:

• check whether digital currencies are used in settlements with Russian clients or suppliers;
• determine whether cryptocurrency transactions are being disguised as other types of payments;
• take into account new requirements when choosing crypto exchangers and other intermediaries;
• check the procedure for storing and accounting for digital assets;
• take into account future restrictions when making bank transfers related to cryptocurrency transactions;
• prepare for additional requirements to disclose information about transactions through foreign systems.

Overall, the new rules do not prohibit digital currencies, but rather establish clearer boundaries for their use. The primary focus is on prohibiting their use as a standard means of payment within the country, regulating professional market participants, and strengthening oversight of the movement of funds through banking and digital infrastructure. The main changes will take effect on September 1, 2026, with specific requirements being introduced in stages throughout 2027.