Russia Drops Wallet Disclosure Rule as Crypto Bill Moves Forward
Russia has taken another step toward creating a legal framework for crypto, with lawmakers approving a revised bill ahead of its second reading in the State Duma. One of the biggest changes is the removal of a controversial requirement that would have forced users to disclose their wallet addresses.
Key Changes in the Bill
While wallet address reporting has been dropped, the proposal still keeps several important rules in place. Retail investors would remain subject to an annual investment cap of 300,000 rubles, and digital assets could be used to purchase Russian securities and other approved financial instruments.
The updated legislation also introduces stricter oversight for certain transactions. Under the proposal, authorities could temporarily freeze large cross-border or third-party crypto transfers for up to two days if additional checks are required.
Russia Continues Building Its Crypto Framework
The latest amendments suggest Russia is trying to strike a balance between encouraging the use of digital assets and strengthening regulatory oversight. By removing the wallet disclosure requirement while keeping investment limits and transaction monitoring in place, lawmakers appear to be refining the country’s long-term approach to crypto regulation before the bill moves to its next stage.
Disclaimer: This content does not constitute trading or investment recommendations. It’s essential to conduct your own research before purchasing any cryptocurrency or investing in any services.
