The Russian Federation Cryptocurrency Law: 9 Key Changes for the Second Reading
At a meeting on June 23, the State Duma's specialized committee on the financial market will consider an updated draft law "On Digital Currency and Digital Rights." Work on the document is in full swing, and the current version, being prepared for the second reading, has undergone significant changes compared to the April version. After analyzing materials leaked to the press, I have identified nine key innovations that fundamentally change the approach to regulation.
1. Special regime for protection against sanctions
The most significant innovation is the introduction of a special 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 law enforcement agencies (the specific agency is not specified). This mechanism will allow temporarily bypassing standard market rules to protect the economy from external sanctions pressure. The spring version of the document did not even mention such measures. This is a clear signal: the state sees cryptocurrency as a tool for circumventing financial restrictions.
2. Legalization of direct P2P transactions between citizens
One of the most anticipated changes is the permission for direct transfers between cryptocurrency wallets of individuals without the involvement of licensed intermediaries or banks. However, there is a fundamental condition: such transactions must not involve classic bank accounts or electronic money. The previous version of the draft law completely prohibited such operations, requiring all transactions to be conducted through exchanges and brokers. In effect, the gray area of P2P exchange is becoming legal, but with clear boundaries.
3. Relaxation of requirements for small exchange services
Mandatory registration and accounting will now only be required for large-scale businesses. This refers to turnovers of at least two transactions per month totaling 3.5 million rubles or more. Small exchangers dealing with small volumes can continue their activities without needing to obtain the status of a CFA operator. The regulator, apparently, has decided not to create excessive burdens on small businesses.
4. Limits for investors and transaction freezes
For unqualified retail investors, the limit on cryptocurrency purchases remains the same — 300,000 rubles per year. However, the Central Bank will additionally limit the amount of purchases through brokers (specific figures will be published later). Moreover, when withdrawing 100,000 rubles or more to personal wallets, a two-day freeze on the transaction will be introduced. Formally, this is for fraud protection, but in practice, it is for strengthening control over capital movement.
5. Taxes and potential barriers for stablecoins
Exchange services are planned to be made tax agents: they will automatically withhold income tax from users. This is standard practice for stock brokers. As for the popular stablecoin USDT, there will be no complete ban on its purchase, but the regulator may introduce additional fees and risk warnings. Additionally, a new legal concept of "foreign digital instrument" is being introduced, which includes stablecoins. This means their circulation will be regulated by the general rules of the crypto market, regardless of the country of origin.
6. Expansion of opportunities for international trade
Professional brokers will be allowed to directly cooperate with foreigners and foreign exchangers. The list of permissible situations will be approved by the Central Bank. Delivery versus payment (DvP) transactions can be conducted without the involvement of a depositary, with no limit on transaction volume. This is a powerful stimulus for the development of cross-border settlements in cryptocurrency.
7. Integration of foreign digital assets
The term "foreign digital instrument" appears in the documents. This definition covers all popular tokens, including stablecoins. The country of origin of the asset does not matter — all will be subject to the unified rules of the crypto market. This is an important step towards regulatory unification.
8. New rules for mining control
Ordinary citizens retain the right to mine without business registration, but with strict limits on electricity consumption. Only companies and entrepreneurs will be allowed to create large mining pools. Additionally, the tax service will begin transferring data on crypto miners to Rosfinmonitoring and the Central Bank. Shadow mining, which is estimated to account for up to 97% in Russia, will come under serious pressure.
9. Phased implementation of the law
The framework part of the law will come into effect on July 1, 2026. The norms on P2P and a number of controversial provisions have been postponed to July 2027. Certain norms will come into force before September 2028. Existing CFA operators have been given time to adapt until July 1, 2028. Such a long transition period indicates the complexity and contentious nature of many provisions.
Expert opinion from Cryptalist: The draft law is moving towards greater pragmatism but remains highly controversial. The legalization of P2P and the relaxation of requirements for small exchangers are clear positives for the market. However, the "special regime" mechanism and the strengthening of control over mining raise serious concerns. Businesses and the community rightly criticize the authorities' haste. Given that even the current version is not final, and many norms are postponed for years, the market faces a period of turbulence. I recommend participants closely monitor the final text and prepare for phased adaptation.