Russia to Regulate Cross-Border Crypto Payments by November

Russia Central Bank and Ministry of Finance are working on regulations to set rules for cross-border payments in cryptocurrencies, said Anatoly Aksakov, chairman of the State Duma Committee on Financial Markets. The government aims to finalize these regulations by the end of November. The Russian government will first test cryptocurrency payment mechanisms under the Experimental Legal Regime (EPR), meaning that only selected participants such as credit institutions and banks will be able to take part in the process, aiming to minimize risk and help develop regulations to protect the market from fraud. Aksakov revealed that companies are already using cryptocurrencies for import and export payments, with transactions estimated to be in the billions of dollars, emphasizing the need to limit the number of financial institutions involved in these transactions at the initial stage in order to better understand the market and develop effective regulatory provisions.