Judicial Protection and a 300,000-Ruble Limit: What Changed in the Final Version of the Crypto Law
By EIDEX Team
The State Duma's Committee on the Financial Market has approved the final version of the bill on state control over cryptocurrency circulation. It is precisely this version that is due to pass the second, main reading — together with the third, it is scheduled for July 21. The document in question is "On Digital Currency and Digital Rights," introduced by the government back on April 1 and already passed in the first reading. According to committee chairman Anatoly Aksakov, the text was significantly revised ahead of the second reading.
The main innovation is judicial protection. Taking into account the position of the Constitutional Court, the document guarantees unconditional protection of the rights to cryptocurrency in court, regardless of whether the owner declared their assets in advance. This is a fundamental shift: previously, such a right remained ambiguous.
The reporting requirements were also eased. The obligation to disclose the addresses of foreign crypto wallets was removed from the final version — residents will only need to declare balances and turnovers. This decision was the result of months of pressure from lawmakers and the industry, who considered the original requirements excessive and dangerous in terms of data leaks.
A separate block of amendments is aimed against fraudsters. Crypto exchangers will be allowed to transfer purchased cryptocurrency only to the buyer's own account — this should shut down popular fraud schemes. In addition, digital depositories will freeze large transfers abroad or to third parties for 48 hours, so that the client has time to cancel a suspicious operation. This will not affect ordinary buy-and-sell deals through regulated intermediaries, and if the rules are violated, the intermediary is obliged to reimburse the client for the stolen funds.
The annual limit for unqualified investors — and that is the majority of citizens — was also retained. Through a single intermediary, they will be able to invest no more than 300,000 rubles per year in the most liquid cryptocurrencies. This is how the authorities want to shield newcomers from excessive risks and overly risky investments.
An intriguing prospect also appeared in the text. In the future, Russian brokers and asset managers may be allowed to conduct deals on foreign crypto exchanges and with foreign exchangers — though subject to additional conditions, such as the "friendliness" of the jurisdiction. According to Aksakov, this could link the Russian market with the global one and give clients more favorable prices. Another amendment will make it possible to legally buy securities and Russian digital financial assets with cryptocurrency.
The overall logic of the future law remains the same: digital currency is recognized as property, and it will be possible to trade it only through licensed intermediaries — exchanges, brokers, and digital depositories, oversight of which will be assumed by the Bank of Russia. For the current State Duma, laws on cryptocurrency have become one of the priorities: the regulation is meant to bring the market out of the shadows and reduce the volume of anonymous operations, which fraudsters often exploit.
As a reminder, the document has had a long journey. It passed the first reading back in the spring, after which the text was repeatedly rewritten to account for the comments of deputies, senators, and industry participants. That is precisely why the final version was awaited with special attention: much depends on it — what the entire crypto market will look like and how comfortable it will be for bona fide players to work.
Not all questions, however, have been resolved. Aksakov did not clarify the fate of the contentious idea of banning Russians from using non-custodial wallets — that is, wallets to which only the owner has access. If a law like this is nonetheless passed in Russia in a strict form, it would noticeably limit users' privacy. For now, market participants are waiting for the second reading on July 21, after which it will become clear in exactly what form the new rules will take effect.
What is the main change in the final version of Russia's crypto law?
The key innovation is unconditional judicial protection of cryptocurrency rights. Following the position of the Constitutional Court, an owner can defend their rights to crypto in court regardless of whether they declared the assets in advance.
What is the annual investment limit for ordinary (unqualified) investors?
Through a single intermediary, unqualified investors — the majority of citizens — will be able to invest no more than 300,000 rubles per year in the most liquid cryptocurrencies. This is meant to shield newcomers from excessive risk.
How does the law protect users against fraud?
Crypto exchangers may transfer purchased cryptocurrency only to the buyer's own account, and digital depositories will freeze large transfers abroad or to third parties for 48 hours so the client can cancel a suspicious operation. If the rules are broken, the intermediary must reimburse the stolen funds.
Do Russian residents still have to disclose foreign crypto wallet addresses?
No. The final version removed the obligation to disclose the addresses of foreign crypto wallets. Residents will only need to declare balances and turnovers.
When will the bill be considered next?
The second, main reading — together with the third — is scheduled for July 21, after which it will become clear in exactly what form the new rules take effect.
