Russia tightens control over foreign crypto wallets with new reporting rules
The Russian government has introduced a new bill to the State Duma that will tighten oversight of foreign cryptocurrency wallets. Starting from July 1, 2026, residents must notify tax authorities when opening or closing blockchain wallets abroad. The move aims to close a legal gap in current currency regulations. The proposed legislation amends Russia's existing currency laws and builds on the main bill On Digital Currency and Digital Rights. Under the new rules, residents will have one month to inform the Federal Tax Service (FNS) about any foreign crypto wallet activity. They must also report all transactions made through these wallets.
The government and Central Bank will later define the exact reporting procedures. While residents can still freely open foreign crypto wallets, intermediaries handling the first transfer of funds will need proof of FNS notification. The bill has now been published in the Duma's electronic database for review.
Currently, foreign crypto wallets held by Russian citizens and businesses operate outside currency regulations. The new bill seeks to eliminate this 'gray area' by bringing them under official oversight. The changes will take effect in mid-2026, requiring residents to declare foreign crypto wallets and transactions. Intermediaries will play a role in verifying compliance. The government has not yet released data on how many Russians use foreign crypto wallets or which platforms are most affected.
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