Crypto Law Profile
Russia’s 2024 amendments let the Bank of Russia run a limited experimental legal regime for digital-currency settlements in foreign trade.
Russia’s Experimental Legal Regime for cross-border crypto settlements is the Bank of Russia–administered sandbox created under Federal Law No. 223-FZ of Aug. 8, 2024. The law took effect on Sept. 1, 2024 and amended Russia’s central bank, currency control, national payment system, organized trading, experimental legal regime, and digital financial asset statutes. It does not create a general domestic right to pay with cryptocurrency. Instead, it provides a controlled route for digital-currency transactions connected with foreign trade contracts between Russian residents and nonresidents, where the Bank of Russia approves an ELR program and sets the operating perimeter.
The framework is narrow by design. Federal Law No. 223-FZ allows special regulation under an ELR to change or exclude otherwise applicable rules for transactions with digital currency. In the currency-control statute, that authority covers use of digital currency as a payment instrument under foreign trade contracts for goods, works, services, information, and intellectual property between residents and nonresidents.
The amendments also address the infrastructure layer. The national payment system rules may be modified for electronic platforms supporting settlements, while the organized trading law may be adjusted for admission of digital currencies as commodities to organized trading. The digital financial asset law was amended to add Article 1.1, allowing ELR program rules to apply to digital-currency transactions carried out in foreign trade activity through an authorized organization.
The Bank of Russia’s approval of a digital-currency ELR is not unilateral. The law requires coordination with the federal authorities responsible for anti-money laundering and counter-terrorist financing, security, and financial-market policy. It also expands ELR risk-assessment and monitoring requirements, including risks to state interests, defense, security, financial stability, economic security, critical information infrastructure, data protection, and AML/CFT objectives.
These safeguards make the profile materially different from a general cryptocurrency licensing regime. The public statute creates legal capacity for a restricted experiment, but participant eligibility, transaction limits, roles, procedures, and information-exchange rules depend on the Bank of Russia’s program and related regulatory acts. Editors should distinguish this ELR from separate Russian initiatives covering mining, digital financial assets, or qualified-investor access to crypto exposure.
Federal Law No. 223-FZ was adopted by the State Duma on July 30, 2024, approved by the Federation Council on Aug. 2, 2024, signed on Aug. 8, 2024, and entered into force on Sept. 1, 2024. The Bank of Russia stated in July 2024 that exporters and importers would be able to use cryptocurrencies in cross-border settlements under foreign trade agreements only within an ELR. In its 2024 results materials, updated March 28, 2025, the Bank of Russia said it had launched the first ELR enabling exporters and importers to conduct cross-border cryptocurrency settlements.
As of June 5, 2026, the framework should be described as in force and operational on a limited, regulator-controlled basis. Publicly reviewed official sources do not identify a general public-access program, participant list, or comprehensive transaction procedures. The safest editorial framing is that Russia has created and launched a Bank of Russia sandbox for selected foreign-trade cryptocurrency settlements, while domestic payment use and broad market access remain outside this profile’s scope.
The regime matters because it adds a legal channel for Russian foreign-trade counterparties to test digital currency settlement tools under state supervision. For crypto-law mapping, it sits at the intersection of payments, AML/CFT, market structure, and digital-asset perimeter rules. It should be linked to Russia, the Bank of Russia, Federal Law No. 223-FZ, Federal Law No. 258-FZ on experimental legal regimes, and Federal Law No. 259-FZ on digital financial assets and digital currency.
Allows ELR program rules to modify currency-control treatment for digital-currency payments under foreign trade contracts.
Makes the Bank of Russia the authorized and regulating body for financial-market ELRs in the cases covered by the law.
Permits transactions through an organization designated by the ELR program to enable digital-currency deals between participants.
Requires coordination with AML/CFT, security, and financial-market policy authorities before approving the ELR program.
Allows ELR rules to set admission and trading requirements for digital currencies treated as commodities on organized markets.
State Duma adopted the bill in the second and third readings; CBR said crypto use would be limited to an ELR.
Federal Law No. 223-FZ records approval by the Federation Council on Aug. 2, 2024.
Federal Law No. 223-FZ was signed and published on the official legal information portal.
Article 7 made Federal Law No. 223-FZ effective from Sept. 1, 2024.
CBR 2024 results page says the first ELR for exporters and importers’ cross-border crypto settlements launched in 2024.
Bank of Russia, Federal Security Service, Federation Council, Rosfinmonitoring, State Duma
Cryptocurrency, Digital currency, Digital financial assets
Profile focuses on Federal Law No. 223-FZ and the Bank of Russia’s 2024 ELR for foreign-trade crypto settlements. Public official materials reviewed did not identify a participant list or full program text.
