Cryptocurrency Law in Russia: 9 Key Changes for the Second Reading
The State Duma's profile committee on the financial market plans to consider the updated bill "On Digital Currency and Digital Rights" at a meeting on June 23. The current version of the document, being prepared for the second reading, has undergone radical changes compared to the April version. My analytical team has obtained preliminary data that allows us to highlight nine key innovations. I emphasize: the official text has not yet been published, so all conclusions are preliminary.
The original draft proposed total state control over all operations. The new version, on the contrary, partially legalizes mechanisms familiar to the market, while simultaneously expanding the authorities' powers in crisis situations. Let's break down the key changes.
1. Special regime for protection against sanctions
The most significant innovation is the introduction of a special article on the government's rights. The Cabinet of Ministers will be able to introduce a special regime for working with digital assets in coordination with the Central Bank and law enforcement agencies. This will allow temporarily bypassing standard market rules to protect the economy from external sanctions pressure. The spring version of the document did not even mention such measures.
2. Legalization of direct P2P transactions between citizens
Direct transfers between individuals' crypto wallets are being brought out of the shadows. Citizens will be able to exchange assets without involving intermediaries or banks. However, there is an important condition: such transactions must not involve classic bank accounts or electronic money. The previous version of the bill completely banned such operations, requiring any transactions to be conducted through exchanges and brokers.
3. Relaxation of requirements for small exchange services
Mandatory registration will only be required for large-scale businesses — referring to turnovers of at least two transactions per month totaling 3.5 million rubles or more. Small exchange points are no longer of interest to the regulator and will be able to operate without mandatory registration.
4. Restrictions for investors and freezing of operations
For unqualified retail investors, the limit remains the same: purchasing cryptocurrency worth 300,000 rubles annually. The Central Bank will also limit the amount of purchases through brokers — exact figures will be published later. When withdrawing 100,000 rubles or more to personal wallets, a delay will be introduced: the transaction will be frozen for two days. The measure is supposedly intended to help promptly cancel suspicious transfers.
5. Taxes on income and potential barriers for stablecoins
Exchange services are planned to be made tax agents — they will automatically withhold income tax from users. Additionally, officials are discussing the status of the popular stablecoin USDT. There will be no complete ban on purchasing the token, but the regulator may introduce fees and risk warnings.
6. Expansion of opportunities for international trade
Professional brokers will receive the right to directly cooperate with foreigners and exchange offices. The list of available situations will later be approved by the Central Bank. Transactions based on the principle of simultaneous settlements will be allowed without the involvement of a depositary, and the volume of operations will not matter.
7. Integration of foreign digital assets into laws
Lawmakers are introducing a new legal term — "foreign digital instrument." The definition covers popular stablecoins as well. The country of origin of the asset does not matter, so the circulation of such coins will be subject to the general rules of the crypto market.
8. New rules for controlling cryptocurrency mining
Ordinary citizens will retain the right to mine without registering a business, but they will have to comply with strict limits on electricity consumption. Creating large mining pools will only be allowed for companies or entrepreneurs. The tax service will begin transferring information about crypto miners to Rosfinmonitoring and the Central Bank.
9. Phased implementation of the law and adaptation timelines
The framework part of the law is expected to come into effect on July 1, 2026. The rules on P2P and a number of controversial provisions have been postponed to July 2027, with certain norms delayed until September 2028. Current CFA operators have been given time to bring their activities into compliance until July 1, 2028.
My analysis: This bill is an attempt to find a balance between strict control and market freedom. The legalization of P2P and the relaxation of requirements for small services are a clear step towards the industry. However, the introduction of a special regime for protection against sanctions and the two-day freeze on large transfers raise questions. The market will clearly gain more regulatory certainty, but entrepreneurs should prepare for increased fiscal oversight. The final text of the document may still change, but the direction has already been set.