Cryptocurrency Law in Russia: 9 Key Changes for the Second Reading
The State Duma's profile committee on the financial market will consider the bill "On Digital Currency and Digital Rights" at a meeting on June 23. Legislators are currently actively preparing the document's edition for the second reading, and the current version differs significantly from the April version. The updated text has already reached the press before official publication, so all changes are preliminary. Nevertheless, key differences can already be analyzed.
Let me remind you that the initial draft proposed total state control over all transactions, requiring operations to be conducted strictly through licensed intermediaries. The new edition partially legalizes mechanisms familiar to the market. Additionally, officials plan to significantly expand their powers in crisis situations. Here are nine main innovations.
Special regime for cryptocurrency circulation to protect against sanctions
The main innovation is a special article on government rights. The Cabinet of Ministers will be able to introduce a special regime for working with digital assets, which will require the consent of the Central Bank and law enforcement agencies. The specific agency is not specified in the text. The special regime will allow temporarily bypassing standard market rules. Thus, authorities plan to protect the economy from external sanctions pressure. Such measures were not even mentioned in the spring version.
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, an important condition arises: such transactions must not involve classic bank accounts or electronic money. The previous version of the bill prohibited such operations, requiring all transactions to be conducted through exchanges and brokers.
Relaxation of requirements for small exchange services
Registration will only be required for large-scale businesses. This refers to turnovers of at least two transactions per month totaling 3.5 million rubles. Small exchange points no longer interest the regulator. Consequently, small services will be able to operate without mandatory registration.
Restrictions for investors and transaction freezes
For unqualified retail investors, the limit will remain the same: they will be able to buy cryptocurrency worth 300,000 rubles annually. Additionally, the Central Bank will limit the amount of purchases through brokers—exact figures will be published later. However, when withdrawing amounts over 100,000 rubles to personal wallets, a delay will be introduced: the transaction will be frozen for two days. The measure is supposedly intended to help quickly cancel suspicious transfers.
Taxes on income and potential barriers for stablecoins
Exchange services are planned to be made tax agents. Platforms will be forced to automatically withhold income tax from users—a scheme that has long been in place with stock brokers. Additionally, officials are discussing the status of the popular stablecoin USDT. There will be no complete ban on purchasing the token. Nevertheless, the regulator may introduce fees and risk warnings.
Expansion of opportunities for international trade
Market participants will gain more freedom in foreign 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.
Integration of foreign digital assets into laws
Legislators are introducing a new legal term for foreign tokens—"foreign digital instrument." The definition also includes popular stablecoins. The country of origin of the asset does not matter. Consequently, the circulation of such coins will be subject to the general rules of the crypto market.
New rules for controlling cryptocurrency mining
Ordinary citizens will retain the right to mine without registering a business. However, they will have to comply with strict limits on electricity consumption. Creating large mining pools will only be allowed for companies or entrepreneurs. Additionally, fiscal authorities will strengthen oversight: the tax service will begin transmitting information about crypto miners to Rosfinmonitoring and the Central Bank.
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. Certain norms are delayed until September 2028. Existing digital financial asset (DFA) operators have been given time to bring their activities into compliance until July 1, 2028.
The haste of officials raises serious concerns among businesses. Exved CEO Sergey Mendeleev believes that with such input, the draft should be returned to the first reading and considered by the new composition of the State Duma in the fall. Many members of the crypto community believe that the regulators' initiatives will only complicate work on the Russian crypto market.
My expert conclusion: The bill demonstrates the state's attempt to find a balance between strict control and the need to legalize already established market practices. However, the haste and vagueness of the wording, especially regarding the special regime and transaction freezes, create high regulatory risks for businesses. The market will need significant time to adapt, and the final version of the document may undergo more than one iteration.