The government submitted a companion bill to the main law on digital currency that will change reporting rules from 01.07.2026. The proposal equates foreign blockchain wallets with overseas bank accounts for currency residents.

Notification and reporting requirements

Under the draft, all currency residents, including individuals and companies, must notify the Federal Tax Service (FNS) about opening or closing blockchain wallets on foreign platforms. Notification is required within one month from the date of opening or closing such wallets.

Wallet holders will also be obliged to file regular reports covering all cryptocurrency transactions, with the reporting format to be defined jointly by the government and the central bank. The bills mirror the control mechanics now applied to foreign bank accounts.

Enforcement mechanics and legal consequences

When a resident first transfers cryptocurrency to a foreign wallet, a Russian intermediary will demand proof of FNS notification, following the same practice banks use for transfers to foreign accounts. Crypto will be formally included in the list of foreign assets alongside foreign currency and external securities.

Legal protection of assets held on foreign wallets through Russian courts will be conditional on prior notification to the tax authority. The draft does not prohibit opening foreign wallets, and cross-border operations between residents can be conducted abroad if they remain entirely outside the Russian financial circuit.

Sanctions and statistical context

Specific penalties for failure to notify the FNS are not yet specified: the current package contains no corresponding amendments to either the Code of Administrative Offences or the Criminal Code. The absence of defined fines leaves enforcement details to future regulations.

• Estimated users: 20 million people in Russia, according to the Ministry of Finance.
• Transaction volume: $376.3 billion from July 2024 to June 2025, per Chainalysis, the largest figure in Europe.