Russia Plans Legislation to Ban Local Custodial Wallets from Transferring Funds to Overseas Non-Custodial Wallets; Licensed Intermediaries Required for Crypto Purchases Starting in July

According to Bits.media, Ivan Chebeskov, Deputy Minister of Finance of Russia, stated that the final version of the government’s cryptocurrency market regulation bill will retain the prohibition on transfers from locally hosted wallets to unhosted wallets abroad, with more lenient conditions applicable only to participants in foreign trade activities. Officials noted that after the bill formally enters into force, authorities may explore use cases for certain unhosted wallets within an experimental framework; however, related discussions remain ongoing. The final version of the bill is expected to be completed next week and is likely to complete the legislative process before the end of the current State Duma’s spring session. Under the bill, starting July 2026, individuals and enterprises in Russia will only be permitted to legally purchase digital assets through licensed brokers, trust managers, or exchanges registered with the Central Bank of Russia, while access to foreign cryptocurrency platforms complying with sanctions against Russia will be restricted.