Russia’s Central Bank Tightens Digital Asset Rules, Implements Stricter FX Business Regulatory Standards

The Central Bank of Russia has introduced regulations to govern foreign exchange operations involving digital rights. Under Russian law, digital rights include electronic records such as cryptocurrencies, tokenized securities, and digital tokens. These rights represent claims or obligations related to an asset or service. The new decree, which will come into effect on January 11, outlines the obligations of residents who engage in such transactions and aims to clarify and strengthen supervision of the use of digital assets for trade and payment purposes. A key requirement outlined in the regulation is that foreign trade contracts involving the settlement of digital rights must be registered with an authorized bank. The document states: "Foreign trade contracts, including those settled using digital rights, must be registered with an authorized bank. The threshold for registration of these contracts remains the same: import contracts exceeding 3 million rubles and export contracts exceeding 10 million rubles." In addition to registration, the Central Bank of Russia explained: "The regulation specifies the documents and information that residents should provide to banks, including transaction data on the transfer or receipt of digital rights as a means of payment under foreign trade contracts, as well as data on other foreign exchange operations related to digital rights." By defining these requirements, the Central Bank of Russia aims to integrate digital rights into the wider financial system while reducing the risks of using digital rights.