Russian Lawmakers Push Softer Crypto Rules
Russia’s State Duma is currently reviewing a massive digital asset bill titled “On Digital Currency and Digital Rights,” which is expected to become the foundation of the country’s regulated crypto market.
Although the legislation already passed its first reading earlier this year, lawmakers are now proposing several amendments aimed at making the framework less restrictive before the bill returns for a second reading.
The proposed changes were submitted to the Finance Ministry by the Duma’s Financial Markets Committee and presented by Dmitry Novikov, a member of the Liberal Democratic Party of Russia (LDPR).
The timing is important because the government plans to fully adopt and implement the crypto framework by July 1, 2026.
Russia May Allow Peer-to-Peer Crypto Deals
One of the biggest proposed changes would officially legalize peer-to-peer cryptocurrency transactions between private individuals.
Under the current version of the law, Russian residents would only be allowed to buy and sell crypto through licensed intermediaries approved by the Central Bank of Russia. Those intermediaries would include registered exchanges, brokers, and trustees.
However, Novikov argues that the draft legislation ignores the reality of how Russians already use crypto today.
The amendment would create a legal exception allowing citizens to directly swap crypto for cash outside centralized exchanges.
That change could significantly reshape the Russian crypto market because P2P trading already dominates local activity. According to Deputy Finance Minister Ivan Chebeskov, Russians currently process around 50 billion rubles - roughly $685 million - in crypto transactions every single day.
Self-Custody Wallets Could Also Become Legal
Another major amendment focuses on self-custody wallets.
The current version of the legislation reportedly limits users from withdrawing digital assets to private wallets that they control themselves. Critics argue this gives too much power to licensed custodians and exchanges.
Novikov says the restriction effectively prevents users from fully controlling their own property.
If approved, the amendment would allow Russians to transfer crypto assets into personal wallets outside centralized platforms, something that remains a core principle for many crypto users globally.
Russia Could Expand Its Approved Crypto List
The lawmaker is also pushing for broader access to cryptocurrencies beyond Bitcoin and Ethereum.
Under the current draft, only digital assets meeting extremely strict requirements would be approved for legal circulation in Russia. The proposed standards include maintaining a market capitalization above 5 trillion rubles for at least two years, sustaining massive daily trading volumes, and existing for a minimum of five years.
Those conditions would effectively restrict the regulated market to only a handful of major cryptocurrencies like Bitcoin and Ethereum.
Novikov argues the list should also include networks such as TRON and Solana, especially because users need those native tokens to pay network fees when transferring stablecoins.
He additionally proposed creating separate legal definitions for stablecoins and cryptocurrencies instead of grouping all digital assets together under one broad category.
Russia May Raise Investment Limits for Retail Users
The current framework also places heavy limits on non-professional investors.
At the moment, ordinary Russians would only be allowed to purchase up to 300,000 rubles - roughly $4,000 0 worth of crypto annually.
Lawmakers backing the amendments want that threshold dramatically increased to 600,000 rubles per month, which would equal around 7.2 million rubles, or nearly $99,000 per year.
The proposal reflects growing pressure inside Russia to create a more competitive domestic crypto market instead of driving traders toward foreign platforms and underground activity.
