Russia’s State Duma Financial Markets Committee has signed off on the final draft of its sweeping digital‑currency law, but it has taken a significant step back: the mandatory reporting of wallet addresses has been dropped. This change means that exchanges and other crypto service providers will no longer be required to disclose the specific addresses that hold users’ funds, a move that could lower compliance costs and protect user privacy.
However, the bill is not yet law. It still needs a second reading and further approvals, so its ultimate scope and enforcement mechanisms are still in flux. For retail users in Russia, the removal of wallet reporting is a welcome relief, but they should remain aware that other provisions—such as licensing requirements, taxation rules, and AML/KYC obligations—will still apply. The balance between regulatory oversight and user privacy is a key point of debate as the bill progresses.
In the broader market, Bitcoin sits at roughly $62,000, down 1.7 % over the last 24 hours, while Ethereum is near $1,730, down 2.3 %. The fear‑greed index is currently in the “Extreme Fear” zone, indicating heightened market anxiety. In this environment, clearer regulatory frameworks—like Russia’s revised bill—could provide a stabilising signal for investors, even as the global crypto landscape remains volatile.