Russia’s State Duma Committee on Financial Markets has approved the final version of a comprehensive cryptocurrency bill, removing a proposed requirement for mandatory reporting of wallet addresses and advancing the measure to a second reading in parliament.
Committee Advances Digital Asset Legislation
The committee’s approval signals renewed momentum for Russia’s effort to establish clearer rules governing digital assets and related services. The draft, described as a sweeping update to the country’s approach to cryptocurrencies, is moving to the State Duma’s second reading, where lawmakers typically consider detailed provisions and amendments article by article.
Key Change: Wallet-Address Reporting Dropped
A notable revision removes a provision that would have required mandatory reporting of cryptocurrency wallet addresses. The change alleviates a potential compliance burden for individuals and businesses while addressing concerns around privacy and enforceability. Specific obligations for service providers and users are expected to be clarified as the bill progresses.
What Comes Next
- Second reading: Lawmakers will debate and amend the bill’s specific articles.
- Finalization: If adopted in the second reading, the bill proceeds to a third reading, then to the Federation Council.
- Enactment: The bill would require presidential signature to become law.
Why It Matters
Russia has been moving toward a more defined regulatory framework for digital assets, with prior measures setting rules for digital financial assets and ongoing work on the digital ruble. Clearer legislation on cryptocurrencies could shape how exchanges, custodians, and users operate domestically and interact with cross-border payments and compliance regimes.