Russia to Introduce Large Fines for Cryptocurrency Payments Starting 2026
New Law to Tighten Control over Cryptocurrency Payments
The State Duma is preparing a bill that will introduce fines from 2026 for using cryptocurrencies to pay for goods and services. As reported by the Chairman of the State Duma Committee on Financial Markets Anatoly Aksakov in an interview with 'Izvestia', individuals will be fined from 100,000 to 200,000 rubles, and legal entities from 700,000 to 1 million rubles. Additionally, cryptocurrency used for illegal transactions will be confiscated. The bill will be considered this fall, marking an important step in regulating the cryptocurrency market.
Closing the 'Gray Zone'
Formally, the use of cryptocurrencies for payments has been prohibited in Russia since 2021, but the lack of real sanctions has allowed people to bypass this ban. The new bill, developed by the Bank of Russia in collaboration with the Ministry of Finance, aims to eliminate this loophole. Introducing fines and confiscation of assets will make such operations economically unviable, enhancing control over the use of digital assets as a means of payment.
Areas of Cryptocurrency Payment Use
Cryptocurrencies are actively used in several sectors:
- IT and creative industries: employees receive salaries in cryptocurrency from foreign clients.
- Gaming industry: web3 segment companies use game tokens for transactions.
- Sanction circumvention: cryptocurrencies are used for cross-border payments.
- Unofficial employment: remote workers receive pay in digital assets.
According to 2022 data, the volume of cryptocurrency transactions in Russia increased 2.5 times. This is due to the need for shadow financial operations, including funds withdrawal abroad and payment of workers who left the country. In Russia, there are 300–400 cryptocurrency processing services and Telegram bots, and some entrepreneurs even install QR terminals for receiving digital assets.
What is Allowed Under the Law
Despite the ban on using cryptocurrencies for internal payments, buying, selling, and investing in digital assets remain legal. Mining is also allowed. From January 1, 2025, cryptocurrencies will be officially recognized as property and subject to taxation. For foreign economic activities, the use of cryptocurrencies is permitted under an experimental legal regime, which allows risk control and quick response to violations.
Impact on the Cryptocurrency Market
Imposing fines will become a serious deterrent for those who use cryptocurrencies for internal payments. The state seeks to clearly delineate legal investment in digital assets from their illegal use as a payment method. These measures are aimed at strengthening control over the cryptocurrency market, minimizing shadow operations, and creating a transparent regulatory environment for the further development of blockchain technologies.