Russian crypto exchangers get a reprieve: transition period until summer 2027
The digital asset market in Russia has long emerged from the shadows and effectively formed as an independent industry. Now, lawmakers are focusing not on bans, but on the gradual integration of this sector into the legal framework. A key signal is the proposal to grant crypto exchanges a deferral for adapting to new regulations until July 1, 2027.
This package of initiatives, already submitted to the relevant committee of the State Duma, will be the subject of discussion before the second reading of the bill "On Digital Currency and Digital Rights." The main idea is not to stifle business with bureaucracy, but to create conditions where legal platforms can compete with the shadow sector in terms of convenience and reliability.
Taxes and Foreign Economic Activity: What Changes for Businesses
The focus is on two key areas: taxation and foreign economic activity (FEA).
Taxes: It is proposed to exempt stablecoin transactions from VAT. Moreover, companies will be allowed to include the financial results of such transactions in their overall tax base. This is a significant step toward transparency and encouraging the use of digital assets in the corporate sector.
FEA: Cryptocurrency settlements through authorized banks will receive clear and transparent rules. It is planned to allow the use of foreign intermediaries and non-custodial wallets. This expands the toolkit for international transactions, which is particularly relevant in the current geopolitical conditions.
Protecting Citizens: From Fraud to Legal Services
Alongside supporting businesses, lawmakers are tightening measures to protect retail users. Digital assets are increasingly being used to steal funds and move them abroad. In response, it is planned to increase banks' responsibility for identifying suspicious transactions. If a financial institution misses obvious signs of fraud, it may be required to fully compensate the client for stolen funds.
At the same time, the state seeks to provide citizens with legal and simple tools for paying for purchases, education, or medical treatment abroad—where Russian bank cards do not work. The approach to reporting has also fundamentally changed: instead of disclosing specific wallet addresses, which creates security risks, citizens will be allowed to declare only total turnover and account balances.
This set of measures is not just "tightening the screws," but an attempt to find a balance between strict control and stimulating innovation. As an expert, I see this as a positive signal for the market: the regulator is beginning to understand that excessive pressure will only drive business back into the shadows. However, the success of this policy will depend on how flexible and efficient the enforcement mechanisms prove to be in practice.