Putin Decided To Fine Russians For Paying With Cryptocurrency

Closing a loophole to move money overseas.

Russian authorities plan to introduce fines for payment with cryptocurrency from 2026. The corresponding bill, developed by the Bank of Russia together with the Ministry of Finance, the State Duma will consider in the fall, said the head of the Duma Committee on Financial Market Anatoly Aksakov. The document suggests responsibility for individuals in the amount of 100 to 200 thousand rubles, and for legal entities - from 700 thousand to 1 million rubles. In addition, cryptocurrency, which was used illegally as a payment, will be confiscated. According to Aksakov, it is necessary to regulate the issue with the responsibility for cryptocurrency payments, because at the moment it is a gray area, writes The Moscow Times.

In 2021, the authorities passed a law on digital financial assets, which banned cryptocurrency payments in Russia, but allowed its purchase and sale, investment in and ownership of digital currencies, as well as mining. As of January 1, 2025, cryptocurrency is recognized as property and trading operations with it are subject to taxation. So far, no major company has announced initiatives with cryptocurrency payment, fearing problems with regulators, notes counselor of the practice of corporate law and M&A BGP Litigation Irina Kuyantseva. According to her, settlements using digital currencies have partly gone into a gray zone, but they are primarily used to circumvent sanctions in cross-border settlements. "The state intends to close the loophole when there is a ban and no direct responsibility for its violation, making such transactions economically risky," Kuyantseva said.

Russian companies also use cryptocurrency to withdraw funds abroad, pay salaries to employees who have left the country and pay for services or products from foreign suppliers, said Igor Bederov, director of T.Hunter's Igor Bederov cyber investigations department. "In the first year of the SWO alone, we <�...> recorded a 2.5-fold increase in cryptocurrency transactions in Russia," he noted. One of the most popular industries for crypto payments is video games, IT expert Ivan Kalmykov added.

According to KA Pen & Paper, as of mid-2023, 300-400 crypto-processing services and bots offering assistance in accepting payment for goods and services with cryptocurrencies were operating in Russia. QR terminals for accepting cryptocurrency via Telegram bots were also used. For example, through the Antarctic wallet, users can pay for goods in USDT stablecoins and convert them into rubles.

Central Bank Governor Elvira Nabiullina has repeatedly emphasized before that cryptocurrencies should not be allowed as a means of payment. She also spoke about the need to strengthen responsibility for the use of cryptocurrencies in settlements within the country. The Central Bank noted that digital currencies can be used for payment in foreign economic activity, but only within the framework of the experimental legal regime (EPR).

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