Russian lawmakers soften crypto disclosure rules in new draft

Under the updated proposal, cryptocurrency holders will no longer face the burden of disclosing specific wallet addresses to authorities. Anatoly Aksakov, who chairs the committee, noted that this pivot serves to protect sensitive data from potential exploitation. While wallet addresses are off the table, users must still report transaction volumes and account balances to remain compliant under the emerging framework.

The legislation introduces new utility for digital assets, allowing investors to purchase traditional Russian securities and tokenized financial instruments. Retail participants remain restricted to an annual investment cap of 300,000 rubles. To curb illicit outflows, the bill mandates a cooling-off period, granting regulators the power to freeze large transfers to third parties or overseas accounts for up to 48 hours.

Looking toward international expansion, the government plans to authorize licensed Russian brokers to engage with foreign exchanges, provided those entities operate within jurisdictions deemed friendly. These measures follow the bill’s initial passage in April, which classified cryptocurrency as property to ensure legal recourse in bankruptcy or divorce cases. As the Duma prepares for a second reading, the country simultaneously moves toward the September 1 launch of the digital ruble, signaling a broader push to modernize state-monitored financial infrastructure.