Designed by Magnific
Starting July 1, 2026, new rules for cryptocurrency holders were supposed to take effect in Russia. Residents would have been required to notify the tax authorities about opening and closing foreign crypto wallets. However, the relevant law was not passed on time.
But it's too early to relax. The bill is already in the State Duma, and its adoption is a matter of time. Businesses that deal with digital assets should pay close attention to the proposed requirements to avoid being caught off guard.
But it's too early to relax. The bill is already in the State Duma, and its adoption is a matter of time. Businesses that deal with digital assets should pay close attention to the proposed requirements to avoid being caught off guard.
What Was Planned?
The government prepared a package of amendments to the Law "On Currency Regulation and Currency Control." If adopted, starting July 1, 2026, all residents — both companies and individuals — would have been required to report to the tax authorities about opening or closing crypto wallets in foreign systems.
Key parameters of the proposed rules:
Key parameters of the proposed rules:
- notification must be submitted within one month of opening or closing a wallet;
- the notification form will be approved by the Federal Tax Service;
- transactions with cryptocurrency will need to be reported — the procedure is yet to be developed by the government together with the Central Bank;
- there are no restrictions on opening wallets — they can be opened freely.
What Remains Unclear
The bill contains several "blind spots" that still leave many questions:
- It is unclear what to do with already existing wallets. The text does not explicitly state whether they need to be reported.
- Liability has not been specified. No fines for violations have been introduced yet — corresponding amendments to the Administrative and Criminal Codes have not been submitted.
- The reporting mechanism itself still needs to be developed. How and when exactly reporting should be submitted will be determined by the government together with the Central Bank.
Why This Matters for Business
Cryptocurrency Is Being Treated Like Foreign Currency
The bill adds digital currency to the list of currency valuables. This means that cryptocurrency transactions will be regulated by the same rules as transactions with dollars or euros — a completely different level of control and responsibility.
New Requirements for Intermediaries
When you first transfer cryptocurrency to a foreign wallet, the Russian intermediary (an exchange or exchange service) will be required to request your tax authority notification for that wallet. This is similar to how banks currently require confirmation of notification about opening a foreign bank account before allowing the first transfer to it.
There Are Exceptions, but They Are Narrow
The general rule prohibits currency transactions between residents. The bill introduces three exceptions for cryptocurrency:
The bill adds digital currency to the list of currency valuables. This means that cryptocurrency transactions will be regulated by the same rules as transactions with dollars or euros — a completely different level of control and responsibility.
New Requirements for Intermediaries
When you first transfer cryptocurrency to a foreign wallet, the Russian intermediary (an exchange or exchange service) will be required to request your tax authority notification for that wallet. This is similar to how banks currently require confirmation of notification about opening a foreign bank account before allowing the first transfer to it.
There Are Exceptions, but They Are Narrow
The general rule prohibits currency transactions between residents. The bill introduces three exceptions for cryptocurrency:
- transactions on organized trading, if accounting is maintained by a Russian depositary;
- exchange through licensed intermediaries for rubles;
- transactions that take place entirely outside the Russian financial system — without the involvement of Russian banks, cash rubles, or assets located in Russia.
How to Prepare Now
Even without the law being passed, there are several steps you can take now to avoid scrambling later:
- Conduct a full inventory of all foreign crypto wallets — both corporate and personal, if used for business purposes.
- Develop an internal procedure for collecting information about new wallets.
- Inform employees that a new obligation may soon arise and warn them to report any wallet openings.
- Check whether your operations fall under the exceptions proposed in the bill.
- Monitor updates — the law could be adopted at any time.
How We Can Help
Acsour experts are ready to support businesses that work with cryptocurrency in matters of tax and currency law compliance:
- help understand the requirements and assess risks;
- conduct an audit of current operations with digital assets;
- develop internal policies for working with cryptocurrency;
- provide support during interactions with tax authorities.
Want to understand how the new rules may affect your business and prepare for changes?
Submit a request. Our experts will audit your cryptocurrency operations and help develop a strategy for safe interaction with tax authorities.
Submit a request. Our experts will audit your cryptocurrency operations and help develop a strategy for safe interaction with tax authorities.
