Russia is moving closer to a regulated cryptocurrency market after the State Duma’s Financial Markets Committee approved a revised crypto oversight bill for a second reading. The new version drops a controversial rule that would have required users to share their wallet addresses. Now, users only need to report their crypto balances and transaction amounts. The bill also adds new rules for investor protection, cross-border crypto payments, and digital asset investments, while increasing government oversight.
If passed, the law will create a legal foundation for Russia’s domestic cryptocurrency market and set clearer rules for investors and financial institutions.
A major change is dropping the rule that would have required people to disclose their wallet addresses. Committee Chairman Anatoly Aksakov said this was done to lower the risk of sensitive information being leaked or misused. Now, crypto holders only need to report how much cryptocurrency they own and the value of their transactions.
The bill also gives crypto investors stronger legal protection by guaranteeing that courts will recognize cryptocurrency ownership, even if the assets were not declared before. Lawmakers added this rule after looking at the Constitutional Court’s view on the matter.
There will still be some limits on retail investors. People who are not qualified investors can only buy highly liquid cryptocurrencies through regulated intermediaries, with a yearly limit of 300,000 rubles per intermediary. They will also have to pass a suitability test before investing.
The new law would let people use digital assets to buy Russian securities and digital financial assets (DFAs), expanding the role of cryptocurrencies in Russia’s financial system. It would also make cross-border crypto payments easier for businesses trading internationally, as long as contracts are properly registered with a bank.
To protect consumers, regulated crypto exchanges could only send purchased cryptocurrencies to wallets owned by the buyer. Digital custodians would also have to delay some large outgoing transfers for up to 48 hours, giving customers time to stop possible fraud.
The revised bill will now move to the State Duma for its second reading. If eventually approved, it will establish a comprehensive legal framework governing cryptocurrency investments, trading, consumer protection, and international digital asset transactions in Russia.
THE BLOCK: Russia’s Financial Market Committee has approved the crypto regulation bill for second reading.
Key points:
– Offers unconditional court protection for crypto ownership
– No longer requires traders to declare foreign wallet addresses
– Russian brokers may be allowed… pic.twitter.com/7oGacuClZo— The Block (@TheBlockCo) July 8, 2026
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