Russia Drops Wallet Reporting From Final Crypto Bill

July 8, 2026 — Russia’s State Duma Financial Markets Committee has approved the final version of the country’s landmark crypto bill, removing mandatory wallet-address reporting requirements and clearing the path for a second reading. The revised legislation requires holders to declare only balances and transaction flows, not specific wallet addresses, following months of pressure from lawmakers and industry groups who argued the original surveillance provisions went too far.

Immediate Details & Direct Quotes

The committee, chaired by lawmaker Anatoly Aksakov, signed off on a package of amendments to Bill No. 1194918-8, titled “On Digital Currency and Digital Rights.” The bill passed its first reading with 327 of 340 deputies voting in favor. Second and third readings are tentatively scheduled for July 21, with the law expected to enter into force on September 1, according to Aksakov.

The most significant change removes mandatory reporting of crypto wallet addresses. Under the revised text, holders must declare only balances and transaction flows. The amendments also explicitly permit the legal purchase of digital currencies—a right that earlier drafts left ambiguous.

The legislation sets out a comprehensive framework governing how cryptocurrencies can be issued, traded, and stored in Russia. Digital currencies and stablecoins would be recognized as monetary assets that can be bought and sold, though they remain barred from use in domestic payments.

Market Context & Reaction

The Bank of Russia plans to restrict retail investors to Bitcoin, Ethereum, and the USDT stablecoin. Ordinary Russians would face an annual purchase cap of 300,000 rubles (less than $4,000) along with mandatory risk testing before they can trade. Additional rules needed to fully legalize coin transactions are expected by November, with the first regulated crypto operations projected to begin in early 2027.

Lawmakers have pushed to allow withdrawals of digital assets to non-custodial wallets, which the current version of the legislation does not permit. Without that ability, one argument runs, “the owner’s right to dispose of their property is effectively limited.”

The crypto bill is advancing alongside Russia’s digital ruble project, with the Bank of Russia confirming a September 1 rollout for its central bank digital currency (CBDC). Governor Elvira Nabiullina stated that “everything is ready” and that all 12 major pilot banks are connected. Large retailers with annual revenue above 120 million rubles must accept digital ruble payments from the same date.

Background & Historical Context

The parallel timelines are no accident. Moscow is racing to modernize its financial rails as sanctions continue to squeeze access to Western payment networks. Earlier drafts of the crypto framework drew attention for provisions supporting cross-border crypto payments.

Legalized, supervised crypto trading gives the state a channel for external settlement, while the digital ruble extends control over domestic money flows, even as reports point to weak public demand for the CBDC so far.

The legislation marks Russia’s most ambitious attempt yet to bring a largely gray market under state supervision.

What This Means

The removal of wallet-address reporting represents a significant concession to industry and legal concerns about privacy and surveillance. For Russian crypto holders, the revised bill offers clearer legal standing while maintaining state oversight of transaction flows and balances.

The July 21 readings will determine whether the bill passes as amended. If enacted, the dual-track strategy of supervised crypto trading alongside the digital ruble rollout would reshape Russia’s digital asset landscape by early 2027.

Retail investors should note the strict purchase caps and mandatory risk testing requirements under the Bank of Russia’s planned rules.

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