Russia tightens crypto rules with mandatory foreign wallet reporting by 2026

The Russian government has proposed new rules for cryptocurrency users. A draft law submitted to the State Duma will require residents to report foreign blockchain wallets to tax authorities. The changes aim to close a legal gap in current currency regulations. Under the proposed law, Russian residents must notify the Federal Tax Service (FNS) within one month of opening or closing a crypto wallet abroad. This rule takes effect from July 1, 2026. The requirement extends to reporting all transactions made through these wallets.

The bill amends existing currency laws and aligns foreign crypto wallets with the same reporting rules as foreign bank accounts. Currently, such wallets operate in a legal 'gray area' with no oversight. Before the first transfer to a foreign wallet, Russian intermediaries will demand proof of FNS notification. Despite the new reporting obligations, residents will still face no restrictions on opening or using foreign crypto wallets. The draft complements the broader legislation 'On Digital Currency and Digital Rights'. It follows EU sanctions targeting Russian crypto transactions, though no official data exists on how many residents or businesses use foreign wallets.

The proposed law brings foreign cryptocurrency wallets under stricter oversight. From mid-2026, users must declare wallet activity or risk penalties. The changes mark a shift toward treating digital assets like traditional foreign accounts under Russian law.