Russia Duma panel advances crypto bill, drops wallet disclosure rule

Russia’s State Duma Committee on Financial Markets earlier approved revised cryptocurrency regulation amendments for a second reading, removing a proposed requirement for residents to disclose wallet addresses while preserving reporting on balances and transaction volumes and keeping a 300,000-ruble annual cap for non-qualified investors. Separately, the State Duma has now approved in the first reading a government bill introducing criminal penalties for illegally organizing digital asset circulation, including unlicensed crypto exchange activity. The proposed penalties range from fines of 100,000 to 300,000 rubles or up to two years’ income to as much as four years in prison, rising to five years and fines up to 1 million rubles for organized groups or income above 3.5 million rubles. The penalties would take effect on July 1, 2027, underscoring that Russia is pairing a softer wallet-disclosure approach in one part of its crypto framework with stricter enforcement against unauthorized market activity.