Crypto news

The Russian crypto market is on the verge of fundamental changes. The United Russia party has proposed a package of legislative amendments, the central element of which is a transition period for crypto exchanges until July 1, 2027. This initiative, formed following the roundtable "Development of the Russian Crypto Market," clearly demonstrates a shift in direction: from prohibitive rhetoric to an attempt to civilly integrate digital assets into the country's legal framework.

In my view, the key message from lawmakers is to give businesses time to adapt, rather than stifling them with excessive requirements. The documents have already been sent to the State Duma Committee on the Financial Market for review before the second reading of the bill "On Digital Currency and Digital Rights." And this is an extremely timely step.

Conditions for Business: Soft Landing Instead of a Hard Ban

The authors of the project proceed from the fact that the cryptocurrency market in Russia is already effectively formed. Consequently, the task is not to introduce new bans, but to smoothly transition the industry into a legal framework. Licensing requirements should not be excessive; otherwise, legal platforms simply will not be able to compete with the shadow sector in terms of convenience and reliability.

New regulations must stimulate technological progress, not hinder operational processes. Ilya Semin, Executive Director of the Council for Innovative and Technological Development of United Russia, rightly notes that the licensing procedure should not be overly bureaucratized. Businesses will, in any case, need time for internal restructuring.

A significant portion of the proposals concerns the tax sphere and international settlements. Here are the key areas:

• Taxes: Exemption of stablecoin transactions from VAT. The ability to include the financial results of these transactions in the general tax base of companies.
• Foreign Economic Activity: Expansion of settlements in digital currencies through authorized banks under transparent rules. Permission to use foreign intermediaries and non-custodial wallets.

Protecting Citizens: Combating Fraud and Simple Tools

Part of the initiatives is aimed at protecting the rights of ordinary people and closing channels for fraud. Discussion participants emphasized that digital assets are now often used to steal money and subsequently transfer capital abroad.

As a countermeasure, it is planned to increase the responsibility of commercial banks for identifying suspicious transactions. If a financial institution misses obvious signs of fraud and fails to warn the client, it may be required to fully compensate for the stolen funds. This is a serious step that will force banks to be more attentive to their role as a "filter."

At the same time, the state seeks to provide citizens with simple and legal tools for paying for purchases, education, or medical treatment abroad — especially relevant for services that currently do not accept Russian payment cards.

Finally, officials have changed their approach to reporting. Instead of disclosing specific crypto wallet addresses, the leakage of which could be unsafe, citizens will be allowed to declare only total turnover and account balances. As noted by Alexander Sidyakin, head of the central executive committee of United Russia, these initiatives are currently being worked out in detail together with the Government and the Central Bank.

My analysis: The proposed package of amendments is undoubtedly a step in the right direction. However, the key issue remains not so much the adaptation period, but the details of licensing and the real readiness of the banking system to work with crypto exchanges. If bureaucratic barriers remain high and banks are afraid to interact with legal platforms due to sanctions risks, the "thaw" may never come. The market is waiting not just for a delay, but for a working and understandable regulatory model.