Cryptoregulation in the Russian Federation: 9 key changes in the bill 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. Preparations for the second reading are in full swing, and judging by materials leaked to the press, the document has undergone radical changes compared to the April version. Although the text has not yet been officially published, preliminary data indicates a significant shift towards softening a number of strict norms.
Initially, the project assumed total state control: all transactions only through licensed intermediaries. The new version, on the contrary, partially legalizes familiar market mechanisms while simultaneously expanding the authorities' powers in crisis scenarios. Let's break down the nine main differences.
1. Special regime for protection against sanctions
The key innovation is a separate article on the government's rights. The Cabinet of Ministers, with the consent of the Central Bank and law enforcement agencies, will be able to introduce a special regime for working with digital assets. This will allow temporarily bypassing standard market rules to protect the economy from external sanctions pressure. Such measures were not even mentioned in the spring version.
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 intermediaries or banks, but with an important condition: such transactions must not involve classic bank accounts or electronic money. The previous version directly prohibited such operations, requiring transactions to be conducted only through exchanges and brokers.
3. Relaxation of requirements for small exchange services
Mandatory registration will only be required for large-scale businesses — with 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 can operate without mandatory registration.
4. Restrictions for investors and transaction freezes
For unqualified retail investors, the limit remains the same — purchasing cryptocurrency worth 300,000 rubles per year. The Central Bank will also limit the amount of purchases through brokers, but will publish the exact figures later. When withdrawing amounts over 100,000 rubles to personal wallets, a delay will be introduced: the transaction will be frozen for two days, ostensibly for the prompt cancellation of suspicious transfers.
5. Taxes and potential barriers for stablecoins
Exchange services are planned to be made tax agents, obliging them to automatically withhold income tax from users. There will be no complete ban on purchasing USDT, but the regulator may introduce fees and risk warnings. The status of the most popular stablecoin is being actively discussed.
6. Expansion of opportunities for international trade
Professional brokers will be allowed to directly cooperate with foreigners and exchange offices. The list of available situations will later be approved by the Central Bank. Delivery versus Payment (DvP) transactions 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
A new legal term is being introduced — "foreign digital instrument." Popular stablecoins also fall under this definition. The country of origin of the asset does not matter, meaning 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 with strict limits on electricity consumption. Creating large mining pools will be allowed exclusively for companies or entrepreneurs. The Federal 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. Norms regarding P2P and a number of controversial provisions have been postponed to July 2027, with certain norms delayed until September 2028. Existing digital financial asset operators have been given time to bring their activities into compliance until July 1, 2028.
Expert opinion. Such hasty preparation for the second reading raises serious concerns among businesses. Many market participants believe that the regulators' initiatives will only complicate work on the Russian crypto market. For example, Exved CEO Sergey Mendeleev proposed returning the project to the first reading and having it considered by the new State Duma composition in the fall. While officials discuss controversial points with businesses, the final text of the document may change more than once. The market should prepare for a long transition period with uncertain rules of the game.