Russia's Financial Markets Committee has approved a revised cryptocurrency bill for its second reading in the State Duma, with committee chairman Anatoly Aksakov announcing the decision via his Telegram channel. The update strips out a contested requirement to declare crypto wallet addresses and adds new provisions covering crypto-funded investments and outbound transfer controls.
The bill, formally titled "On Digital Currency and Digital Rights," passed its first reading in April with 327 out of 340 deputies voting in favour. Since then it has been substantially reworked. The floor vote for the second reading has not yet taken place, and the State Duma website had not been updated to reflect the committee's approval at the time of writing. Two more readings, a Federation Council sign-off and a presidential signature are all still required before any of this becomes law.
What the revised draft actually changes
As Aksakov stated, crypto holders will no longer need to report wallet addresses. Instead, they would disclose balances and transaction volumes only. The chairman said the change is meant to limit the exposure of sensitive data that could be used against Russian interests.
On the investment side, the revised text would allow investors to buy Russian securities and Digital Financial Assets using crypto. Licensed Russian brokers and asset managers could eventually get access to approved foreign crypto exchanges, though additional conditions apply. The retail investment cap stays at 300,000 rubles per year. A new provision would also let authorities hold certain large outbound crypto transfers for up to 48 hours.
The core commercial rule remains intact: crypto is still banned for domestic payments but permitted for cross-border trade. That carve-out is the headline for Russian companies, giving them a settlement route that bypasses sanctioned banking channels entirely.
Separately, Bitcoin closed above a key long-term support level for a third consecutive week, printing a five-week high. Whether the Russian regulatory push is contributing to broader sentiment or the move is driven by other factors, the chart is holding a level traders have watched closely since early spring.
This article is for informational purposes only and does not constitute financial or investment advice.
