Russia's Crypto Thaw: Exchanges Given Two Years to Legalize
The Russian crypto market is on the verge of historic changes. A package of amendments has been submitted to the State Duma, fundamentally altering the rules of the game for all industry participants. The key initiative is to provide crypto exchanges with a transition period until July 1, 2027, allowing businesses to smoothly adapt to new regulatory requirements. This is not just a delay, but a well-thought-out step that, in my deep conviction, demonstrates a mature approach by lawmakers.
The authors of the bill proceed from the fact that the digital currency market in Russia is already de facto established. The authorities' task is not to stifle it with bans, but to carefully bring it out of the shadows into the legal framework. Consequently, licensing requirements should not be excessive. Legal platforms must compete with the "gray" sector in terms of convenience and reliability. Otherwise, the entire endeavor of legalization will lose its meaning.
Taxes and Foreign Economic Activity: What Changes
A significant portion of the amendments concerns taxation and international settlements. It is proposed to exempt stablecoin transactions from VAT, and also allow companies to account for the financial results of such transactions in the general tax base. For foreign economic activity (FEA), it is planned to expand cryptocurrency settlements through authorized banks under transparent rules. The legalization of using foreign intermediaries and non-custodial wallets is also being discussed.
Protection of Citizens: Banks Will Be Held Accountable for Negligence
A separate block of initiatives is aimed at protecting retail investors. Lawmakers want to block channels of fraud that are currently actively using cryptocurrencies to steal funds and transfer capital abroad. As a countermeasure, it is planned to increase banks' responsibility 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 reimburse the stolen funds.
At the same time, the state intends to provide citizens with simple and legal tools for paying for purchases, education, or medical treatment abroad—especially relevant for services that have stopped accepting Russian cards. Finally, the approach to reporting has been changed: instead of disclosing specific crypto wallet addresses, citizens will be allowed to declare only total turnover and account balances.
Expert Opinion: This package of amendments is the most sensible signal from Russian authorities in recent years. The two-year transition period is not a sign of weakness, but a pragmatic calculation. It will give the market time for self-organization, and regulators the opportunity to fine-tune control mechanisms without shock therapy. If the law is passed in its current form, we will witness a true renaissance of legal crypto business in the Russian Federation.