Russia's central bank has released a draft of new rules for cryptocurrency trading.

According to blockchain media outlet Bitcoin Magazine on July 28 (local time), the central bank released draft revisions to "organised trading" regulations reflecting digital asset transactions.

The key change is the explicit incorporation of "digital currency" into existing regulated market trading rules. As a result, institutions such as cryptocurrency exchanges must list digital assets on existing systems to handle pricing, monitoring and reporting. The approach uses the same procedures applied to fiat currencies and securities, rather than setting up a separate temporary framework.

The move comes as the State Duma is preparing comprehensive regulation covering cryptocurrencies. It is seen as a step to lay the groundwork for bringing crypto into the regulated system by first overhauling trading infrastructure and reporting systems. The published draft did not directly mention bitcoin.

Russia has maintained a complex relationship with cryptocurrencies, including bitcoin. In Russia, using cryptocurrency as a means of payment has been illegal since 2022. By contrast, the legislature has shown an open stance toward using cryptocurrency for international payments.

This direction has already been reflected in legislation. Russia's parliament passed a bill in 2023 legalising the use of digital currency as a means of international settlement. It aligns with a policy aimed at widening channels for cross-border fund transfers as Western sanctions have intensified. The United States and European governments sanctioned Russia after the 2014 annexation of Crimea and further increased sanctions after the 2022 invasion of Ukraine.

Russian President Vladimir Putin (블라디미르 푸틴) has also publicly cited Russia's strengths related to bitcoin mining. Putin said Russia has a "competitive advantage" in bitcoin mining because it has abundant cheap energy. That indicates a continued stance of examining industrial opportunities in mining and separately considering payments as a way to respond to external sanctions.

Putin also said at a forum in Moscow in December 2024 that new technology could help move funds. At the time, he said, "For example, who can ban bitcoin? Nobody can." The remarks have been cited as an example showing Russia has not completely ruled out the potential use of digital assets, including bitcoin.

From a market perspective, the draft is unlikely to be seen as a measure that fully liberalises cryptocurrency trading in Russia. It more strongly reflects an effort to incorporate trading, reporting and surveillance systems into regulated rules while maintaining a ban on payments. As a result, the next focus will be how the State Duma's broader regulatory debate will specify the scope of permitted trading, use for international settlements, and exchanges' mandatory disclosures and oversight systems.