Tracking Cryptocurrency May Be Included in Exporters' Currency Revenue Control

Tracking cryptocurrency could become part of the existing mechanism for monitoring the currency market. Alexey Moiseyev, Deputy Minister of Finance of Russia, stated that the Ministry of Finance will prepare proposals to include cryptocurrency operations within the scope of the decree on the sale of currency revenue by exporters.

According to Alexey Moiseyev, after the adoption of the cryptocurrency law, such a step seems a logical continuation of regulation. The official spoke about this in the corridors of the Eastern Economic Forum.

• The Ministry of Finance intends to prepare proposals for including cryptocurrency in the monitoring system.
• The decree on currency revenue remains in effect, but mandatory sales are currently set at zero.
• The mandatory sale regime for part of the currency revenue is planned to be extended until 2029.

Alexey Moiseyev explained that the current decree is already being used to monitor the currency market. At the same time, the mandatory sale norm for currency revenue under it is currently zero. According to the Deputy Minister, cryptocurrency should be added to this mechanism.

The official called such monitoring a useful tool. He emphasized that the system works well and helps the government see the situation in the currency market without additional harsh measures.

According to Alexey Moiseyev, the market remains stable, and there is currently no need to return to non-zero mandatory repatriation and sale norms for currency revenue.

The Deputy Minister reminded that the decree appeared in October 2023. At that time, sanctions against Gazprombank and tensions around gas payments were pressuring the market. These factors created elements of panic, prompting the authorities to introduce an additional control mechanism.

Currently, according to Alexey Moiseyev, similar risks are not observed. He noted that the previous reasons for concern have been exhausted, so there is no need to return to mandatory currency sale norms for now.

Mandatory repatriation and sale of part of the currency revenue for exporters were introduced by presidential decree in October 2023. Initially, the measure was supposed to last for six months, but it was extended twice for a year. As a result, the validity period was maintained until April 30, 2026.

In June, Finance Minister Anton Siluanov announced that the mandatory sale regime for part of the currency revenue would be extended until 2029. Authorities explained this measure as necessary to maintain the stability of the exchange rate and the resilience of the Russian financial market.

The requirements affect several export sectors, and specific norms within this mechanism are established by the government.

• Fuel and energy complex: requirements for currency revenue.
• Ferrous and non-ferrous metallurgy: requirements for currency revenue.
• Chemical and forestry industries: requirements for currency revenue.
• Grain sector: requirements for currency revenue.

In mid-August 2025, the Cabinet of Ministers reduced the norms for repatriation and sale of currency revenue to zero. Before that, the largest exporters were required to credit at least 40% of the currency from foreign trade contracts to authorized banks and sell at least 90% of that amount on the domestic market.

The Ministry of Finance's initiative fits into the overall logic of regulating digital assets after the adoption of the relevant law. If the proposals are supported, the state will be able to track the movement of cryptocurrency in operations related to currency revenue, but without introducing mandatory sale norms.

With a zero sale rate, such a measure will be more observational. It does not imply a direct ban or new obligation to sell digital assets. The idea is to bring cryptocurrency into the same control framework where exporters' currency revenue is already located.

This is also important for the market because digital assets are increasingly perceived as part of the financial infrastructure. Bitcoin and Ethereum have long gone beyond a narrow niche, and the market capitalization of the largest cryptocurrencies makes them a significant factor for regulators.

The blockchain allows for the tracking of asset movement in a way that differs from traditional bank transactions. As a result, the government must develop separate approaches to monitor such operations, especially when they are related to export revenues and cross-border settlements.

In public networks, the movement of coins is visible on the blockchain: one can check addresses, amounts, transaction times, fees, transaction hashes, and the number of confirmations. For basic verification, blockchain explorers are used: users enter a wallet address or hash into the search bar and view the transaction history.

Such monitoring typically does not reveal the passport details of the owner but rather the addresses. Therefore, Bitcoin and Ethereum are often referred to as pseudonymous: transactions are visible, but linking an address to a person requires additional data. For private coins like Monero and Zcash, complete tracking may be practically unavailable because they use mechanisms to conceal the sender, receiver, or amount.

In the crypto market, prices, trading volumes, addresses, transactions, fees, market capitalization, and portfolio composition are tracked. Market capitalization is calculated as follows: the coin's price multiplied by the number of coins in circulation.

• Price trackers help monitor cryptocurrency rates, trading volumes, and market capitalization.
• Portfolio trackers show the value of a set of assets and help assess the shares of Bitcoin, Ethereum, and other coins.
• Blockchain explorers are suitable for checking addresses, transaction hashes, fees, and confirmations.
• Analytical services are used to find connections between addresses and analyze the movement of funds.

When choosing a portfolio tracker, it is important to consider support for the required assets, ease of importing transactions, price updates, notifications, data protection, and clear analytics.

The accuracy of monitoring depends on the type of network and the asset itself. In Bitcoin, transactions can be tracked through the open chain of transfers: analytical services correlate addresses, amounts, transaction times, and recurring connections between wallets.

However, private coins, mixers, and additional masking methods complicate the analysis. The less public data available and the more actively tools for concealing traces are used, the harder it becomes to link a transaction to a specific owner.

For market participants, a key question is whether the future mechanism will remain solely a tool for observation. So far, Alexey Moiseyev speaks only about monitoring, not about new restrictions. The preparation of proposals is still ongoing, so specific parameters and timelines for including cryptocurrency in the control system have not yet been disclosed.

Investments in digital assets remain a sensitive topic for businesses and individual market participants against this backdrop. The clearer the rules, the easier it will be for companies and investors to assess risks when working with cryptocurrency in the Russian jurisdiction.

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