Russia Revises Crypto Bill

Russia is moving closer to adopting a new legal framework for cryptocurrencies. The State Duma's Committee on Financial Markets has approved the final version of the cryptocurrency bill, which will now proceed to its second reading. One of the most controversial provisions has been removed, meaning cryptocurrency holders will no longer be required to disclose their wallet addresses.

Under the revised proposal, users will only need to report their cryptocurrency holdings and transaction activity. The decision to scrap the wallet address disclosure requirement follows months of pressure from lawmakers and industry representatives, who argued that the original provision was overly restrictive. The updated bill also explicitly legalizes the purchase of cryptocurrencies.

The bill, titled "On Digital Currency and Digital Rights," passed its first reading with the support of 327 out of 340 members of parliament. The second and third readings are tentatively scheduled for July 21. According to Committee Chairman Anatoly Aksakov, the new regulations are expected to come into force on September 1.

The legislation establishes rules for the issuance, trading, and custody of cryptocurrencies in Russia. Digital currencies and stablecoins will be officially recognized as financial assets that can be bought and sold. However, they will still not be permitted as a means of payment within the country.

At the same time, the Bank of Russia is preparing its own set of cryptocurrency regulations. Starting in 2026, retail investors will only be allowed to purchase Bitcoin, Ether, and the USDT stablecoin. Annual purchases will be capped at 300,000 rubles, equivalent to less than $4,000. Before being allowed to trade, investors will also have to pass a mandatory knowledge and risk assessment test. Additional regulations are expected to be adopted by November, while the first fully regulated cryptocurrency transactions are planned for early 2027.

Some lawmakers are still pushing for amendments that would allow users to withdraw cryptocurrencies to private wallets. The current version of the bill does not include such a provision, with critics arguing that it unnecessarily limits individuals' ability to manage their own assets.

Work on the cryptocurrency legislation is taking place alongside the rollout of Russia's digital ruble. The Bank of Russia has confirmed that its central bank digital currency (CBDC) will officially launch on September 1. According to Governor Elvira Nabiullina, the system is fully operational, and all 12 banks participating in the pilot program have already been connected. From that date, large retail chains with annual revenues exceeding 120 million rubles will be required to accept payments in the digital ruble.