Cryptoregulation in the Russian Federation: "United Russia" proposes a deferment for exchangers until 2027
The Russian digital asset market is on the verge of tectonic shifts. The United Russia party has proposed a package of legislative initiatives, the key element of which is granting crypto exchanges a transition period until July 1, 2027. This proposal, formulated following the roundtable "Development of the Russian Crypto Market," aims to give businesses time to smoothly adapt to new regulatory standards without shock therapy.
Why this matters. The initiative's authors assume that the cryptocurrency market in Russia has already effectively taken shape. The legislator's task is not to impose bans, but to gradually transition the existing industry into the legal sphere. Excessively strict and bureaucratic licensing requirements would only push businesses back into the shadows. Legal platforms must be competitive in terms of convenience and reliability with the gray sector. The licensing process should not be excessive, and businesses will in any case need time for internal restructuring.
Key directions of the reform
The proposed amendments can be roughly divided into two blocks: tax incentives and foreign economic activity (FEA).
In terms of taxes, it is proposed to exempt transactions with stablecoins from VAT. This is a critically important step that will make the use of digital currencies in business operations economically viable. Additionally, companies will be allowed to account for the financial results of such transactions in their general tax base, eliminating the current legal uncertainty.
In the FEA block, the main focus is on expanding settlements in digital currencies through authorized banks under transparent rules. It is also planned to allow the use of foreign intermediaries and non-custodial wallets, which will significantly simplify cross-border payments for Russian businesses under sanctions pressure.
Protecting citizens and fighting fraud
Alongside liberalization for businesses, the initiative tightens responsibility for protecting the rights of retail investors. It is planned to increase banks' liability 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 the stolen funds. This is a powerful incentive for implementing more effective fraud monitoring systems.
The approach to reporting is also changing. Instead of disclosing specific crypto wallet addresses, which poses risks for owners, citizens will be allowed to declare only total turnover and account balances. This is a reasonable compromise between fiscal control and data security.
My analysis. This package of initiatives is not just "legislative leniency," but a pragmatic response to the challenges of the times. The state recognizes that an isolationist policy in the sphere of crypto assets is ineffective. Instead, it is betting on controlled integration, which, on the one hand, will give businesses legal tools to operate, and on the other, will create protection mechanisms for citizens. The key risk here lies in the details of implementation and how quickly and efficiently the licensing infrastructure will be built. If the bureaucratic machine stalls, the amnesty for exchanges risks turning into a prolonged "gray zone."