The State Duma of Russia approved the final version of the bill on the regulation of encryption and abolished the mandatory declaration of wallet address requirement

On 8 July, Bits.media reported that the Russian State Duma Financial Market Commission had approved the final version of the Government's coded regulation bill, which would be submitted for consideration at second reading. The Chairman of the Commission, Anatoly Aksakov, revealed that the second reading had made a number of key adjustments: eliminating the requirement to declare the address of an encrypted wallet and replacing it with a declaration of only the balance and the flow of trade to protect the population from the risk of the disclosure of sensitive information; and the new amendment allowing the legal purchase of securities on the securities market and Russian digital financial assets in encrypted currency. In the future, legitimate Russian brokers and asset managers may be allowed to trade in a foreign encrypted exchange, subject to additional requirements such as "friendly" in jurisdictions. For non-professional investors, the limit for a single intermediary is 300,000 roubles per year and is limited to “the most mobile encrypted currency”. The Act also introduces a two-day freeze on substantial transfers abroad and to third parties. Aksakov does not expressly reserve the proposal to ban Russians from using non-custodial encrypted wallets。