The Cryptocurrency Law in Russia: 9 Key Changes for the Second Reading
On June 23, the State Duma's specialized committee on the financial market plans to review the bill "On Digital Currency and Digital Rights." Ahead of this event, an updated version of the document, which differs radically from the April version, has leaked to the press. As an analyst, I have identified nine most significant innovations that could overturn the understanding of crypto market regulation in Russia.
1. Anti-Sanctions Regime: The Government Gets a "Switch"
The most striking innovation is the introduction of a special article granting the Cabinet the right to introduce a special regime for working with digital assets. This will require the consent of the Central Bank and a law enforcement agency. In effect, authorities will be able to temporarily suspend standard market rules to protect the economy from external sanctions pressure. The spring version of the bill did not even mention such powers.
2. Legalization of P2P Transfers 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. The key condition: such transactions must not involve classic bank accounts or electronic money. I remind you that the previous version of the bill categorically prohibited such operations, mandating that deals be conducted exclusively through exchanges and brokers.
3. Relaxations for Small Exchange Businesses
Registration and accounting requirements now apply only to major players. This refers to turnovers of two or more transactions per month totaling at least 3.5 million rubles. Small exchange services can thus continue operating without mandatory registration. The regulator has clearly decided not to stifle small businesses with excessive bureaucratic procedures.
4. Limits for Retail Investors and a "Freeze" on Withdrawals
For unqualified investors, the annual limit on cryptocurrency purchases remains the same—300,000 rubles. The Central Bank will also set limits on purchases through brokers (specific figures will be published later). Moreover, when withdrawing funds of 100,000 rubles or more to personal wallets, there will be a two-day delay. According to the regulator, this is intended to help promptly cancel suspicious transfers.
5. Tax Agents and the Future of 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 additional fees and risk warnings. This is a significant step toward integrating the crypto market into the country's fiscal system.
6. Freedom for International Trade
Professional brokers will gain the right to directly cooperate with foreigners and exchange offices. "Delivery versus payment" transactions will be allowed without the involvement of a depositary, and the volume of operations will not be limited. This is a powerful signal for foreign trade participants—the regulator is opening a "green corridor" for international settlements in cryptocurrency.
7. New Legal Term for Foreign Tokens
The legislation introduces the concept of a "foreign digital instrument." This definition covers popular stablecoins, regardless of the asset's country of origin. Their circulation will be subject to the general rules of the crypto market, which will unify regulation.
8. Control Over Mining: Limits and Oversight
Individuals retain the right to mine without registering a business, but with strict limits on electricity consumption. Large mining pools will only be allowed to be created by companies and entrepreneurs. Meanwhile, the tax service will begin transmitting data about miners to Rosfinmonitoring and the Central Bank. This means total control over the industry.
9. Phased Implementation: Adaptation Timelines
The framework part of the law is expected to come into effect on July 1, 2026. The norms on P2P transfers are postponed to July 2027, and certain controversial provisions until September 2028. Existing CFA operators have been given time to bring their activities into compliance until July 1, 2028.
Expert Commentary: As you can see, lawmakers have taken a serious step from a total ban to partial legalization, but with a powerful tool of state control. The special regime for protection against sanctions is essentially a "nuclear option" that can be activated at any moment. The market gains long-awaited clarity, but at the cost of a high degree of regulation and fiscal pressure. The key question is how quickly businesses will adapt to the new rules and whether some activity will retreat back into the "gray zone" due to excessive control.