Crypto news

The Russian digital asset market is on the verge of significant regulatory changes. The United Russia party has introduced a package of legislative initiatives, the key one being a proposal to grant crypto exchanges a transition period until July 1, 2027. This decision, in my opinion, indicates a paradigm shift: the regulator has finally realized that the market has already formed and needs not to be banned, but carefully brought out of the shadows into the legal framework.

Conditions for Business: Licenses, Taxes, and Foreign Economic Activity

The main goal set by the authors of the bill is to create conditions where legal platforms can compete with the "gray" sector in terms of convenience and reliability. In this regard, it is proposed not to overload businesses with excessive licensing requirements. As correctly noted by Ilya Semin, Executive Director of the Council for Innovative Development of United Russia, the licensing procedure should not be overly bureaucratic.

Special attention in the package of amendments is paid to taxation and international settlements. Key changes include:

• Taxes: Exemption of stablecoin transactions from VAT and the ability to account for financial results from such transactions in the general tax base of companies.
• Foreign Economic Activity: Expansion of settlements in digital currencies through authorized banks under transparent rules. Moreover, it is proposed to allow the use of foreign intermediaries and non-custodial wallets, which will significantly simplify cross-border payments.

Protection of Citizens: Bank Liability and Simplified Reporting

The second important component of the package is the protection of the rights of ordinary users. Legislators plan to increase the responsibility of banks for identifying suspicious transactions. If a financial institution misses obvious signs of fraud, it may be required to reimburse the client for stolen funds. This is a serious step that should reduce the level of scams.

At the same time, the state seeks to provide citizens with simple and legal tools for paying for purchases, education, or treatment abroad, which is especially relevant given the restrictions on cards. Notably, the approach to reporting has also changed: instead of disclosing specific wallet addresses, which carries security risks, citizens will be allowed to declare only total turnover and account balances.

My analysis: This package of initiatives is a long-awaited and balanced step. Establishing a transition period until mid-2027 gives the market enough time to adapt without shock therapy. Measures to legalize foreign economic activity and protect consumer rights are particularly important. However, the key factor for success will be how effectively these norms are implemented in practice and whether they can truly "pull" liquidity from the shadow sector. This process should be monitored very closely.