The Financial Market Committee of the Russian State Duma has approved a revised version of the crypto bill to advance to its second reading, removing one of the previous draft’s most controversial provisions: the requirement for crypto holders to declare their wallet addresses. Committee Chairman Anatoly Aksakov announced the development on his personal Telegram channel.
Wallets No Longer Mandatory to Declare, but Oversight Continues
Instead of requiring wallet address declarations, the new draft only asks users to report balances and transaction volumes. Aksakov stated this change was deliberately made to mitigate the risk of sensitive information leaks that could be exploited against Russian interests. Additionally, the revision allows investors to purchase conventional securities and domestic digital financial assets (DFAs) using crypto - something previously not explicitly regulated. Aksakov also touched on the government’s long-term plan to permit licensed Russian brokers and asset managers to trade on foreign crypto exchanges, provided the target jurisdictions are deemed “friendly” by Russian authorities.
Retail Investment Limits Remain Unchanged as New Transfer Delay Rules Emerge
Investment limits for non-qualified retail investors remain set at 300,000 rubles per year through a single intermediary. However, the latest draft introduces a new provision: large transfers abroad or to third parties can be withheld for up to two days, though Aksakov did not specify the monetary threshold triggering such delays. He also did not confirm whether an earlier proposal - which could potentially ban the use of non-custodial wallets in Russia - remains in the draft or has been removed.
Part of Russia’s Broader Digital Policy Roadmap
The bill first passed its initial reading in April, when the government proposed the Central Bank of Russia as the licensing authority for crypto exchanges and brokers, while classifying crypto assets as property entitled to legal protection in bankruptcy and divorce proceedings - although domestic crypto payments remain prohibited except for approved cross-border trade. This legislative process comes just weeks before the Central Bank of Russia is scheduled to launch the digital ruble on September 1, with major banks and large-scale merchants set to support the central bank digital currency according to the announced rollout plan. This policy direction indicates Russia is not retreating from crypto, but rather attempting to establish an ecosystem subject to tight oversight amid international sanctions pressure.
Reported by crypto.news.
Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
