Published: · Region: Global · Category: markets

Putin’s Crypto Law Legalizes Trading but Exposes Russia’s Financial Sanctions Gap

Russia has passed its first cryptocurrency law, authorizing trading while banning the use of digital coins for payments inside the country. The move opens a new channel for sanctioned Russians and companies to move value, but it also lays bare how Moscow is trying to build a parallel financial system without fully trusting it at home.

Russia has finally drawn a legal line under cryptocurrency – and it runs right through the middle of the market. A new law signed by President Vladimir Putin legalizes crypto trading but bans using digital currencies to pay for goods and services inside the country, underscoring how the Kremlin wants access to global crypto liquidity without letting it compete with the ruble at home. The legislation, described by Russian outlets as the country’s first comprehensive cryptocurrency law, authorizes regulated trading of digital assets while prohibiting their use as legal tender. That means Russians can buy, sell and hold cryptocurrencies under a formal legal framework, but they cannot walk into a…

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