Will Russia Accept XRP Under New Cross-Border Crypto Settlement Bill?

Russia’s State Duma has moved a new crypto bill forward, raising questions about whether XRP could be used under a regulated cross-border settlement system. The draft law, titled “On Digital Currency and Digital Rights,” passed its first reading with 327 of 340 deputies voting in favor, according to the details provided. The bill would create a legal structure for licensed crypto trading and custody while keeping domestic crypto payments banned.

The proposal would allow digital currencies for foreign trade settlements, which places assets such as XRP back into focus because of their existing role in cross-border payment discussions. At this stage, the bill does not name XRP directly. Still, only large and liquid digital assets with a long operating history may qualify for organized trading if approved by the Bank of Russia.

Another reason why XRP may qualify is the SEC and CFTC joint classification of XRP as a digital commodity in March 2026. In addition, the markets are watching the CLARITY Act in the United States, which could further define how digital assets such as XRP are treated under federal law if passed.

Russia Moves Toward a Licensed Crypto Market

The bill was submitted by the government on April 1 and would create five categories of regulated organizations. These include exchanges, brokers, management companies, depositories, and exchangers. From July 1, 2026, citizens and businesses would be able to buy crypto legally through licensed intermediaries if the law is fully adopted.

The draft would also create a digital depository system to manage crypto holdings. Withdrawals would be limited to licensed foreign institutions, while transfers to personal wallets would be excluded. The Bank of Russia would receive broad authority over which assets could circulate in the regulated market and over possible withdrawal limits.

Another key part of the proposal is the phaseout of direct crypto dealings outside licensed channels. Peer-to-peer transactions would remain formally legal until July 1, 2027, but payment-blocking systems and blacklisting tools could begin earlier in 2026. The bill would also restrict crypto lending without licensed intermediaries for Russian residents, including in cross-border cases.

XRP Could Fit the Framework if Regulators Approve It

The bill appears to favor a narrow list of digital assets rather than the full crypto market. Only coins that meet strict standards for market capitalization, trading volume, and operating history would be eligible for organized exchange trading. Based on data, BTC, ETH, SOL, and XRP remain the main assets being discussed around the bill because they match the type of scale and liquidity the framework seems designed to allow.

That means XRP could be accepted for cross-border use under the new system, but only if Russian regulators include it on the approved list. The current text gives that power to the Bank of Russia, so legal access would depend less on market popularity and more on regulatory approval. As per the report, privacy-focused coins may be blocked from the approved market, which suggests the authorities want a highly monitored structure.

Russia’s derivatives market may also give some indication of where institutional interest is moving. As we reported, the Moscow Exchange plans to launch cash-settled futures for XRP, Solana, and Tron in 2026 for qualified investors. If that rollout proceeds, XRP would gain another place inside Russia’s regulated crypto market, even if the spot settlement rules remain narrower.

Retail Limits and Next Steps 

The bill also places limits on retail participation. According to the report, non-qualified investors may face annual purchase caps of about $4,000 and would need to pass testing before gaining access. Qualified investors would have more flexibility. That setup keeps the market focused on controlled access rather than broad retail adoption.

For XRP, the cross-border angle matters more than domestic retail use because the bill keeps crypto payments inside Russia prohibited. Foreign trade settlements, however, would be allowed. That leaves room for approved assets to be used in international transactions once the final list is set.

The draft still needs two more readings in the State Duma before moving to the Federation Council and then to the president for signature. Lawmakers now have two weeks to submit amendments before the second reading.