Senator Proposes Legalizing Crypto Payments in Special Zones of Russia Introduction
Senator Alexander Shenderyuk-Zhidkov initiated a proposal to allow companies in Special Administrative Regions (SARs) on Russky and Oktyabrsky islands to conduct cryptocurrency operations, bypassing the current ban. According to Vedomosti, this measure aims to expand the use of digital assets in Russia and accelerate the current experimental legal regime (ELR) for cryptocurrencies.
Alternative to the Prolonged Experiment
The senator proposed allowing firms in the SARs to test cryptocurrency transactions to overcome the restrictions of the current legislation. In Russia, cryptocurrencies are recognized as property, but their use for domestic payments is prohibited, except for international transactions under the ELR. However, according to Shenderyuk-Zhidkov, the experiment is progressing too slowly.
"We would not want to spend six years finalizing the law, and now another six years perfecting the by-laws," noted the senator at a Federation Council meeting.
The possibility of including stablecoins in the ELR is also being considered, which could increase its effectiveness. However, as reported by Tatyana Mineeva, the commissioner for the protection of entrepreneurs' rights in Moscow, companies continue to face difficulties when using cryptocurrencies in cross-border transactions.
Why SARs Are Suitable for Crypto Operations
As of 2024, 488 companies are registered in the SARs, including major organizations like Yandex, HeadHunter, Mother and Child, and T-Technology. Companies in these zones are not considered residents of Russia for currency regulation purposes, which aligns with the position of the Central Bank, which opposes the integration of cryptocurrencies into the Russian financial system.
"The logic of the ELR can be extended to the SARs. I would allow more freedom in these matters - more participants will allow a better understanding of the situation," explained the senator.
It is also proposed to attract overseas companies with Russian roots to the SARs, which may facilitate the return of some crypto assets to Russia.
Global Context and Prospects
The initiative comes amid active steps in the cryptocurrency field abroad. In March 2025, President Donald Trump signed an executive order to create a national bitcoin reserve of about 200,000 units. Shenderyuk-Zhidkov emphasized the importance of active involvement: "We must not miss the initiative of foreign colleagues and must also show courage."
The proposal could accelerate the legalization of cryptocurrencies in Russian business, providing companies with more opportunities for digital transactions and strengthening Russia's position in new technologies. However, no changes are expected for ordinary citizens - buying goods with bitcoins in stores will still be impossible.
Conclusion
The senator's initiative signals a potential easing of Russia's approach to cryptocurrencies, focusing on using controlled zones such as the SARs for testing digital payment systems. The proposal promises new prospects for businesses but highlights the cautious position of regulators seeking to balance innovation and financial control. The inclusion of stablecoins and the expansion of the ELR could be significant steps toward broader crypto use in the Russian economy.