Russia's Duma Committee Approves Final Crypto Bill, Drops Mandatory Wallet Reporting

Russia's parliamentary Committee on Financial Markets approved the final version of the country's comprehensive crypto bill on July 8, paving the way for second and third readings tentatively scheduled for July 21. The revised legislation removes mandatory reporting of crypto wallet addresses; holders must now declare only balances and transaction flows, a shift that followed months of pressure from lawmakers and industry groups.

Under the framework, the Bank of Russia will cap retail annual purchases at approximately $4,000, limited to Bitcoin, Ethereum, and USDT stablecoin. Ordinary Russians must undergo mandatory risk testing before trading. The law is expected to enter into force on September 1, with regulated crypto operations projected to begin in early 2027. Lawmakers have also pushed for withdrawals to non-custodial wallets, a right the current version does not yet permit.