Cryptoregulation in the Russian Federation: 9 key changes to the bill for the second reading
The State Duma's profile committee on the financial market plans to thoroughly review the updated bill "On Digital Currency and Digital Rights" at a meeting on June 23. As a leading market analyst, I have carefully studied the preliminary data on the upcoming amendments. The original April version of the document assumed total state control over all crypto operations, requiring them to be conducted exclusively through licensed intermediaries. According to my information, the new edition significantly changes the rules of the game, partially legalizing familiar market mechanisms and expanding the authorities' powers in crisis situations.
It is important to emphasize: all the changes described below are preliminary, as official files are not yet available on the State Duma's SOZD portal. However, given that the previous version also "leaked" online a few days before its introduction and turned out to be authentic, this data should be taken extremely seriously.
1. Special Regime: Protection from Sanctions
The main innovation is a special article granting the government the right to introduce a special regime for working with digital assets. This will require the consent of the Central Bank and law enforcement agencies (the specific agency is not specified in the text). This will allow temporarily bypassing standard market rules to protect the economy from external sanctions pressure. The spring version did not even mention such measures.
2. Legalization of P2P Transactions
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, but with an important condition: such transactions must not involve classic bank accounts or electronic money. The previous version of the bill directly prohibited such operations, requiring transactions to be conducted only through exchanges and brokers.
3. Relaxation for Small Exchangers
Registration will only be required for large-scale businesses—those with a turnover of at least two transactions per month totaling 3.5 million rubles. Small exchange services can now operate without mandatory registration, significantly reducing the regulatory burden on small businesses.
4. Limits 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 (exact figures will be published later). Notably, when withdrawing amounts from 100,000 rubles to personal wallets, a delay will be introduced: the transaction will be frozen for two days—supposedly for the prompt cancellation of suspicious transfers.
5. Tax Agents and USDT Status
Exchange services are planned to be made tax agents, obliging them to automatically withhold income tax from users. There will apparently be no complete ban on purchasing USDT, but the regulator may introduce fees and mandatory risk warnings. This creates additional barriers for the popular stablecoin.
6. International Trade
Professional brokers will be allowed to cooperate directly with foreigners and exchanges. Transactions based on the principle of simultaneous settlements can be conducted without the involvement of a depositary, and the volume of operations does not matter. The list of available scenarios will later be approved by the Central Bank.
7. Foreign Digital Assets
A new legal term "foreign digital instrument" is being introduced, which will also cover popular stablecoins. The country of origin of the asset does not matter, and their circulation is subject to the general rules of the crypto market.
8. Control over Mining
Ordinary citizens 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 or entrepreneurs. The Federal Tax Service will begin transferring data on miners to Rosfinmonitoring and the Central Bank.
9. Phased Implementation
The framework part of the law will come into effect on July 1, 2026. The norms on P2P are postponed to July 2027, and the most complex provisions until September 2028. Current digital financial asset operators have been given time to adapt until July 1, 2028.
My Expert Assessment: Such a hasty and opaque introduction of changes raises serious concerns. The authorities' rush is likely driven by a desire to quickly adapt legislation to current geopolitical realities, but this could lead to legal uncertainty. Market participants, including Exved CEO Sergey Mendeleev, are already calling for the bill to be returned to the first reading and considered by the new State Duma composition in the fall. In its current form, the document risks not so much regulating the market as creating new barriers to its development.