Cryptoregulation in the Russian Federation: 9 key changes to the bill for the second reading
On June 23, the relevant State Duma Committee on the Financial Market will consider an updated version of the bill "On Digital Currency and Digital Rights." Work on the document is in full swing, and the current version differs significantly from the April draft. Although official files are not yet available on the SOZD portal, preliminary data on the innovations has leaked to the press. Below is my analysis of nine key differences that radically change the landscape of future regulation.
Special Regime for Sanctions Protection
The most significant innovation is the introduction of an article granting the government the right to establish a special regime for working with digital assets. This will require the consent of the Central Bank and a law enforcement agency (the specific name is not specified). The spring version did not even mention such measures. Thus, authorities are preparing a mechanism to circumvent sanctions pressure by temporarily suspending standard market rules.
Legalization of P2P Transfers
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. Previously, the bill directly prohibited such operations, requiring transactions to be conducted exclusively through exchanges and brokers.
Liberalization for Small Exchangers
Registration and reporting requirements now only apply to large-scale businesses. This refers to turnovers of two or more transactions per month totaling at least 3.5 million rubles. Small exchange services can continue operating without mandatory registration—they are no longer of interest to the regulator.
Limits for Investors and Transaction Freezes
For unqualified retail investors, the annual limit on cryptocurrency purchases remains the same—300,000 rubles. The Central Bank will also set limits on purchases through brokers (exact figures will be announced later). When withdrawing amounts of 100,000 rubles or more to personal wallets, a two-day freeze will be introduced: a measure supposedly allowing for the prompt cancellation of suspicious transfers.
Tax Agents and the Status of USDT
Exchange services are planned to be made tax agents, requiring them to automatically withhold personal income tax from users. There will be no complete ban on purchasing USDT, but the regulator may introduce fees and risk warnings. This creates additional barriers for stablecoins, especially those popular in Russia.
Expansion for International Trade
Professional brokers will gain the right to directly cooperate with foreigners and exchange services. Transactions based on the principle of simultaneous settlements will be allowed without the involvement of a depositary, with no limit on transaction volume. The list of available scenarios will later be approved by the Central Bank.
Integration of Foreign Assets
A new legal term is being introduced—"foreign digital instrument." This will cover popular stablecoins, regardless of their country of origin. The circulation of such coins will be subject to the general rules of the crypto market, unifying regulation.
Control Over Mining
Individuals will 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 crypto miners to Rosfinmonitoring and the Central Bank, strengthening oversight.
Phased Implementation
The framework part of the law will come into effect on July 1, 2026. Norms regarding P2P transfers are postponed to July 2027, and the most controversial provisions until September 2028. Current CFA operators must bring their activities into compliance by July 1, 2028.
My comment: The updated bill is a compromise between total control and market freedom. The legalization of P2P and the easing of requirements for small players are steps in the right direction, but the special regime for circumventing sanctions raises questions. It could set a precedent for arbitrary state intervention in market operations, which in the long term undermines investor confidence.