Russia Passes Crypto Law, Bans Domestic Payments, $3,800 Cap

Foreign trade is a different story. Russian companies may use approved digital assets for cross-border settlements between residents and non-residents. The European Union, in a statement responding to the law, said Russia is "becoming increasingly reliant on cryptocurrencies for international transactions."

The legislation covers crypto mining and issuance, plus services from brokers, asset managers, trading platforms, and clearing houses. Major Russian banks are already preparing. Sberbank plans to introduce a crypto wallet and custody services after the framework begins. VTB, T-Bank, Moscow Exchange, and Alfa-Bank have built custody, trading, and digital asset infrastructure. Alfa-Bank has tested crypto trading with a limited group of eligible investors.

Russia's move follows a wave of global crypto legislation. Japan enacted a law on July 15 reclassifying cryptocurrencies as financial products rather than settlement tools, opening the door for spot ETFs and lowering the top crypto tax rate from 55% to 20% by 2028. Vietnam issued Decree No. 284/2026/NĐ-CP, setting fines of up to 50 million dong for investors trading on unlicensed platforms. The European Union's MiCA transition window closed July 1, ending remaining gray-area exemptions.

In the United States, the probability of the CLARITY Act passing has risen to 52% after progress on ethics language, according to multiple reports. Sen. Kevin Cramer said the bill is "getting clearer" as each issue is addressed. "I think we're almost there," he said.