Russia Drops Wallet Reporting From Crypto Bill, Sets July Vote

The framework dovetails with rules from the Bank of Russia, the country's central bank, which plans to restrict retail investors to bitcoin, ether, 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 other flagship digital money project, with the Bank of Russia confirming a September 1 rollout for the digital ruble, 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.

The parallel timelines are no accident. Moscow is racing to modernize its financial rails as sanctions continue to squeeze access to Western payment networks. 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.

Alla Bakina, Director of the Bank of Russia's National Payment System Department, highlighted that most private banks in Russia are technically ready for the digital ruble launch, though she noted that consumer adoption will depend on the convenience and cost of the new payment method.