Russia Plans to Track Foreign Crypto Wallets Under New Law
The Russian government has proposed a new law to track foreign cryptocurrency wallets. If passed, residents will need to report all transactions and wallet activity to the Federal Tax Service (FNS). The bill aims to close a legal gap by treating foreign crypto wallets like foreign bank accounts. The draft law, now under review by the State Duma, updates Russia's currency regulations. It builds on the existing On Digital Currency and Digital Rights bill. Currently, foreign crypto wallets held by Russian citizens and businesses operate outside currency control laws.
Starting 1 July 2026, residents must notify the FNS within one month of opening or closing a foreign crypto wallet. They must also report every transaction made through these wallets. When sending cryptocurrency to a foreign wallet for the first time, Russian intermediaries will demand proof of FNS notification before processing the transfer. The government has not released figures on how many Russians use foreign crypto wallets. No recent data exists on usage trends over the past two years. However, officials argue the new rules will remove ambiguity by aligning crypto wallets with existing financial reporting standards.
The proposed law tightens oversight of foreign crypto holdings. Residents will face mandatory reporting but can still open wallets without restrictions. If approved, the changes will take effect in mid-2026, requiring compliance from both individuals and businesses.
