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The Russian Ministry of Finance has acknowledged the potential for payments in stablecoins., 2026/03/03 14:59:47
The director of the financial policy department at the Russian Ministry of Finance, Alexey Yakovlev, stated that stablecoins should be regulated separately from other cryptocurrencies. He noted that the ministry believes tokens linked to national currencies are the closest to payment instruments.
The Ministry of Finance is inclined to consider cryptocurrencies, digital financial assets (DFAs), and stablecoins as distinct categories. Soon, following the implementation of new laws regulating crypto assets, it will be possible to establish specific regulations for stablecoins—essentially creating a separate control framework for them, the official announced.
Yakovlev identified stablecoins as the closest concept to “digital currencies” as defined by current Russian legislation. According to the federal law from 2020, “a digital currency is recognized as a collection of electronic data (digital code or designation) contained in an information system, which is offered and/or can be accepted as a means of payment.”
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“Stablecoins are a unique phenomenon that carries enormous potential,” the department director stated.
The ministry will require time to assess how effectively the regulation of stablecoins will function as digital currency and whether this approach aligns with the country’s internal economic interests, said a representative of the Russian Ministry of Finance. Currently, the ministry is consulting with the Central Bank on this matter, Yakovlev reported during the conference “Tokenize This: Regulation and Structured Products in DFAs.”
The Ministry of Finance and the Central Bank have prepared a draft law for monitoring the cryptocurrency market in Russia. In the preliminary version of the document, the term “stablecoin” is not mentioned at all. However, according to the draft, cryptocurrencies cannot serve as a means of payment, meaning they are not recognized as currency and are viewed by the state as investment assets alongside stocks and other securities.
