- Russia’s Financial Market Committee has approved the final version of its crypto bill.
- The revised bill removes mandatory crypto wallet address reporting, among other changes.
- Russia proposes a 300,000-ruble annual crypto investment cap for retail investors.
Russia has moved one step closer to introducing a comprehensive legal framework for cryptocurrencies after the State Duma’s Financial Market Committee approved the final version of the country’s crypto bill for its second parliamentary reading.
The legislation would formally recognize cryptocurrencies as legal property while placing most crypto activity under state supervision. The bill still requires approval in the second and third readings before moving to the Federation Council and, finally, President Vladimir Putin for signing.
Lawmakers have also pushed the proposed implementation date from July 1 to September 1, giving regulators additional time to finalize the rules.
Key Changes Before the Second Reading
The revised draft includes several changes compared with earlier versions. One of the most notable revisions removes the requirement for users to report crypto wallet addresses.
Instead, holders would only need to declare wallet balances and transaction flows, a change committee chairman, Anatoly Aksakov, said would reduce the risk of sensitive information being exposed.
The bill also permits the legal purchase of Russian digital financial assets (DFAs) and traditional securities using cryptocurrency, expanding the potential use of digital assets within Russia’s regulated financial system.
Another amendment would allow licensed Russian brokers and asset managers to execute trades on foreign cryptocurrency exchanges, provided those exchanges operate in jurisdictions considered “friendly” by Russian authorities.
Investment Limits and Additional Controls Remain
Non-qualified investors would be allowed to invest up to 300,000 rubles (about $4,000) per year through a single intermediary. The limit would apply only to Bitcoin (BTC), Ethereum (ETH), Tether (USDT), and USD Coin (USDC), leaving most other cryptocurrencies outside the regulated retail market.
The bill also proposes limiting withdrawals from non-custodial wallets to 100,000 rubles (around $1,300). In addition, authorities would require financial institutions to freeze certain large transfers abroad and payments to third parties for two days, although lawmakers have not yet specified what transaction size would trigger the delay.
Crypto Could Play a Larger Role in Russia’s Financial System
Beyond investor rules, the legislation would allow companies involved in foreign trade to use cryptocurrencies for international payments, providing another option for cross-border settlements as Russia continues operating under Western sanctions.
The bill also introduces penalties for operating cryptocurrency services without a license, reinforcing the government’s plan to bring crypto activity under regulated supervision.
On the other hand, state-owned Sberbank plans to add crypto wallets and a digital asset depository to its Sberbank Online and SberInvestments platforms by December 1, provided the legislation is finalized as expected.
The bank is also evaluating whether it can act as an intermediary for Russians trading on foreign cryptocurrency exchanges, although that decision depends on the final version of the law and future regulatory requirements.
Related: Russia Eyes Retail Access to Bitcoin, Ethereum, and More
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
