Ahmet Bedirhan Arvas 
The Chairman of Russia’s Financial Markets Committee, Anatoly Aksakov, announced plans to legalize cross-border transactions with cryptocurrencies in the second half of 2024. The St. Petersburg Stock Exchange platform will be utilized, and trials for the use of digital currency among BRICS countries are expected to take place in 2025-2026.
Efforts to pass the law continued in March and April, emphasizing the use of cryptocurrencies in international payments. The discussion of the crypto law was initially planned for November 2023, but coordination difficulties delayed the process.
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Aksakov confirmed plans related to crypto taxation and regulation, including mining, cross-border payments, and penalties. The proposal to impose a 20% income tax on miners by the Ministry of Finance is under consideration.
The State Duma supports the option to sell cryptocurrency as an export product to support the crypto industry. Despite challenges, Aksakov remains optimistic about upcoming legal regulations and notes a trend among Russian companies to increase the use of cryptocurrencies in international payments.
This regulation signals Russia’s efforts to create a regulated framework for cryptocurrencies, aligning itself with global trends.
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