Russia's financial regulator is taking another step toward integrating digital currencies into the legal framework. Deputy Finance Minister Alexei Moiseev announced the preparation of proposals that would allow cryptocurrencies to be included within the scope of foreign exchange market monitoring. This initiative logically continues the recently adopted law on legalizing the crypto industry and forms a new contour of state oversight over the movement of digital assets.
Monitoring as an alternative to mandatory measures
Speaking on the sidelines of the Eastern Economic Forum, Moiseev emphasized that the current decree regulating the sale of foreign currency earnings by exporters has already proven its effectiveness as a monitoring tool. At the same time, the requirements for mandatory repatriation and sale are currently set at zero. In the official's view, cryptocurrency flow monitoring will organically fit into this well-established system.
The market is currently stable, and there is no need to return to strict currency sale requirements. It is worth recalling that the decree was introduced in October 2023 amid the panic triggered by sanctions against Gazprombank and problems with gas payments. Since then, all instability factors, as the deputy minister put it, have been "exhausted," and the need for mandatory measures has disappeared.
The mechanism and background
Initially, the presidential decree on mandatory repatriation and sale of a portion of foreign currency earnings for the largest exporters was introduced for a six-month period. Subsequently, its effect was extended twice for a year, keeping it in force until April 30, 2026. In June, Finance Minister Anton Siluanov reported plans to extend the regime until 2029.
The measure affected giants in the fuel and energy sector, metallurgy, chemical and forestry industries, as well as grain farming. At the peak of the mechanism's operation, exporters were required to credit at least 40% of currency under contracts to accounts in authorized banks and sell up to 90% of the credited amounts on the domestic market. However, in August 2025, the government reset these requirements to zero by resolution, leaving only a monitoring function.
Now the Ministry of Finance is working on the issue of including cryptocurrencies in this monitoring framework. Details — parameters, timelines, and specific wording — have not yet been disclosed, but the direction of movement is obvious.
My view on the situation
This is a significant signal: the state does not intend to strangle the crypto market with bans but is choosing the path of total observability. Including digital currencies in the foreign exchange monitoring system with zero sale requirements is essentially the creation of a "digital radar" for controlling cross-border capital flows. For businesses, this means that using cryptocurrencies in export settlements will become more predictable but at the same time fully transparent to fiscal authorities. The market gains a legal yet controlled environment, which in the long term could become a driver for attracting institutional players accustomed to operating under clear rules.