Russia's parliamentary Committee on Financial Markets approved the final version of the country's digital currency bill, with second and third readings scheduled for July 21 in the State Duma. The revised bill removes mandatory crypto wallet address reporting, requiring holders to declare only balances and transaction flows. The Bank of Russia plans to cap retail cryptocurrency purchases near $4,000 annually, limited to bitcoin, ether, and USDT from 2026. The legislation marks Russia's most comprehensive attempt to regulate a largely gray crypto market under state supervision while modernizing financial infrastructure amid ongoing Western sanctions.
Russia's Crypto Bill Drops Wallet Address Reporting Requirement
The Committee on Financial Markets, chaired by lawmaker Anatoly Aksakov, signed off on amendments that soften surveillance provisions while maintaining state control over crypto asset transactions. The most notable change removes mandatory reporting of crypto wallet addresses—under the revised text, holders must declare only balances and transaction flows, not the addresses themselves. This shift follows months of pressure from lawmakers and industry groups who argued the original requirements went too far.
Bill No. 1194918-8, titled "On Digital Currency and Digital Rights," passed its first reading with 327 of 340 deputies voting in favor. Aksakov stated the law is expected to enter into force on September 1. The legislation sets out a comprehensive framework governing how cryptocurrencies can be issued, traded, and stored in Russia. Digital currencies and stablecoins would be recognized as monetary assets that can be bought and sold, though they remain barred from use in domestic payments.
The Bank of Russia plans to restrict retail investors to bitcoin, ether, and the USDT stablecoin. Ordinary Russians would face an annual purchase cap of 300,000 rubles (less than $4,000) along with mandatory risk testing before they can trade. Additional rules needed to fully legalize coin transactions are expected by November, with the first regulated crypto operations projected to begin in early 2027.
Lawmakers have pushed to allow withdrawals of digital assets to non-custodial wallets, which the current version of the legislation does not permit. Without that ability, one argument runs, "the owner's right to dispose of their property is effectively limited."
Bank of Russia Launches Digital Ruble Alongside Crypto Framework
The crypto bill is advancing alongside Russia's central bank digital currency project. The Bank of Russia confirmed a September 1 rollout for the digital ruble. Governor Elvira Nabiullina stated that "everything is ready" and that all 12 major pilot banks are connected. Large retailers with annual revenue above 120 million rubles must accept digital ruble payments from the same date.
The parallel timelines reflect Moscow's strategy to modernize its financial infrastructure as sanctions continue to squeeze access to Western payment networks. Legalized, supervised crypto trading gives the state a channel for external settlement, while the digital ruble extends control over domestic money flows. Reports point to weak public demand for the CBDC so far.
FAQ
What changes did Russia make to its final crypto bill?
Russia's Duma committee approved a final crypto bill draft that removes mandatory wallet address reporting. Under the revised text, holders must declare only balances and transaction flows, not the addresses themselves. The bill passed its first reading with 327 of 340 deputies voting in favor, with second and third readings scheduled for July 21.
What are the purchase limits for Russian retail crypto investors?
The Bank of Russia plans to cap retail cryptocurrency purchases at 300,000 rubles (less than $4,000) annually, limited to bitcoin, ether, and USDT from 2026. Retail investors must complete mandatory risk testing before they can trade. The law is expected to enter into force on September 1.
