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Vladimir Putin Signs Law Banning Digital-Asset Payments in Russia
He has signed a bill that adds to a previous prohibition against cryptocurrency payments in the country.
Updated May 11, 2023, 4:56 p.m. Published Jul 15, 2022, 4:34 p.m.
Russia President Vladimir Putin has signed a law banning digital payments across the nation, according to a policy amendment on Thursday.
- The law was approved by the Russian Assembly, known as the Duma, on July 8.
- It bans the use of digital securities and utility tokens as a means of payment for goods, services and products in Russia.
- The amendment adds to the previous digital asset law drafted in 2020, which banned cryptocurrencies from being used in payments.
- In February, Russia's Ministry of Finance introduced a bill to parliament that would regulate cryptocurrencies in the country.
- This is in contrast to the view of the Bank of Russia, which has pushed for crypto activity to be banned.
- Russia has come under scrutiny this year for its alleged use of cryptocurrencies to evade sanctions following its invasion of Ukraine.
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UPDATE (Sept. 5, 13:59 UTC): Rewrites headline to narrow focus of banned assets
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What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
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Key U.S. Senator on Crypto Bill, Lummis, Negotiating Dicey Points With White House
The Republican lawmaker who is among the core negotiators on the U.S. market structure bill said the White House has rejected some ethics language.
What to know:
- Sen. Cynthia Lummis (R-Wyo.) said she is negotiating with the White House on behalf of Senate Democrats trying to insert ethics provisions into Congress' market structure legislation.
- Lawmakers should reveal a new draft market structure bill by the end of the week and hold a markup hearing next week, she said.
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