Russia's comprehensive cryptocurrency regulatory framework is moving forward, with two significant developments shaping the future of digital asset trading in the country. First, Ripple's XRP has officially crossed the market capitalization threshold outlined in the draft "Digital Currency and Digital Rights" bill, joining Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) as assets large enough to be considered for the proposed domestic trading regime.
According to data from CoinCodex on March 25, XRP's market value was near $86 billion, well above the bill's quoted threshold of roughly 5 trillion rubles (about $60 billion). The draft framework, designed to admit only large, liquid assets, does not rely on market value alone. The screening process also includes a two-year average daily trading volume test of about 1 trillion rubles (roughly $12 billion) and a multi-year public trading record. Current coverage names BTC, ETH, SOL, and XRP as the assets meeting these broader benchmarks.
Simultaneously, the Russian Ministry of Finance (Minfin) announced it is considering obligating Russian companies engaged in foreign economic activities to convert their cryptocurrency revenues into Russian rubles. Deputy Finance Minister Ivan Chebeskov confirmed the ministry's position to extend a decree, set to expire in May, that currently mandates the repatriation and sale of foreign fiat currency earnings. The ministry is now looking to widen this mechanism's scope to include cryptocurrency transactions, a move driven by the growing role of crypto in cross-border settlements under sanctions.
The finance ministry also announced that the long-awaited draft law to regulate Russia's crypto market will be filed with the State Duma (parliament) next week. Developed in collaboration with the Central Bank of Russia (CBR), the legislation is based on a regulatory concept released in December 2025. Ekaterina Lozgacheva, director of the CBR's Financial Market Strategy Department, stated the goal is to have the comprehensive framework adopted by July 1, 2026, with the first legal cryptocurrency transactions possible by the end of the year.
The proposed law introduces a "relatively simple" licensing regime for crypto exchanges, which must comply with anti-money laundering rules. It will recognize cryptocurrencies and stablecoins as "monetary assets" that can be bought and sold, but not used for payments. Retail investors will face an annual purchase cap of 300,000 rubles (less than $4,000), and privacy-focused coins are expected to be blocked from the approved market.
