Russia to Regulate Crypto Cross-Border Payments by November

According to Mars Finance, Anatoly Aksakov, the head of the Financial Markets Committee of the Russian State Duma, announced that the Central Bank of Russia and the Ministry of Finance are drafting regulations for cross-border payments using cryptocurrencies. The government aims to finalize these regulations by the end of November.

Russia will initially test the crypto payment mechanism under an experimental legal regime (EPR), meaning only select participants like credit institutions and banks will be allowed to participate. This approach aims to minimize risk and help develop regulations to protect the market from fraud.

Aksakov revealed that companies have already been using cryptocurrencies for import and export payments, with transaction volumes estimated to be in the billions of dollars. He stressed the need to limit the number of financial institutions involved in these transactions during the initial phase, allowing for better understanding of the market and effective regulatory framework development.