Russia to Regulate Cryptocurrency Trading by November, Says Aksakov

By November, the Central Bank of Russia and the Ministry of Finance will prepare the necessary regulatory documents to define the parties involved in the cryptocurrency trading process within the framework of ELR. This was reported by Anatoly Aksakov, head of the State Duma Committee on Financial Markets, to Parliamentary Newspaper.

“[Trading will be conducted] primarily by credit institutions. Banks are already actively engaged in this. In principle, cryptocurrency is already used for export and import payments, with volumes measured in billions of dollars,” he added.

Aksakov also noted the need to limit the number of financial institutions that will handle this turnover. According to him, the authorities initially want to “test the market mechanism to understand how best to regulate it.”

The deputy anticipates an increase in the number of participants in the ELR, as well as the number of special trading platforms.

Aksakov emphasized that the internal currency of Russia is the ruble, and digital assets will be used exclusively for foreign trade activities.

“In my opinion, cryptocurrency should be regulated like foreign currencies,” he noted.

When asked about the testing of the digital ruble, Aksakov shared some statistics:

• The first stage involved 600 people, 12 banks, and 22 legal entities;
• They conducted nearly 40,000 operations, including over 30,000 transfers to each other, 4,000 uses of smart contracts, and 9,000 payments for goods and services.

“[…] at the beginning of 2026, or perhaps even by the end of 2025, the digital ruble will become a reality for us, and practically everyone who wishes will be able to use it for paying for goods, services, and loan repayments,” the deputy concluded.

Earlier, the Central Bank stated that by July 1, 2025, the largest Russian banks must provide clients with access to operations with the national currency, including opening, replenishing accounts, and transfers.

In September, the Central Bank began working on amendments that will allow digital financial assets to be transferred into trust management and included in mutual investment funds.