Russians will be required to report foreign cryptocurrency wallets to tax authorities., 2026/04/02 14:50:46

The Russian government has submitted a bill to the State Duma that aims to require “Russian residents” to notify the tax authority about their foreign cryptocurrency wallets starting from July 1.

The bill does not specify which type of residents—tax or currency—are being referred to. According to the Russian Tax Code, tax residents are individuals who spend at least 183 calendar days in Russia over a consecutive 12-month period. Currency residents are defined by legislation as individuals with Russian citizenship or a residence permit—this includes all Russian citizens regardless of their country of residence, as well as foreigners and stateless persons holding a Russian residence permit.

Essentially, under the proposed legislation, the tax treatment for Russian holders of foreign cryptocurrency wallets will align with that of foreign bank account holders. Residents will be required to inform the Federal Tax Service (FTS) about the opening or closing of a foreign blockchain wallet no later than one month after the event. However, it is not clarified whether wallets created before July 1, 2026, need to be reported.

Additionally, it is proposed that all residents must submit tax reports regarding all transactions involving cryptocurrency on foreign wallets. Specific reporting rules are not included in the bill—the government intends to establish them independently in coordination with the Central Bank.

If the bill is passed in its current form, upon the first transfer of cryptocurrency to a foreign wallet, the Russian intermediary facilitating the transaction will be required to request confirmation from the wallet owner that the tax authority has been notified—similar to how banks currently require clients to confirm the opening of a foreign account.

The authors of the bill assure that there will be no restrictions on opening foreign cryptocurrency wallets.

Currently, transactions involving digital currency through foreign platforms are not subject to currency operation regulations, and there is no requirement to notify anyone about them.

The bill classifies crypto assets as having currency value—on par with foreign currency and foreign securities. Consequently, rights to cryptocurrency stored in a foreign wallet can be protected in court—but only if the owner has notified the tax authority of their ownership, as stated in the document.

Under the new rules, licensed cryptocurrency exchanges and digital depositories will be required to act as currency control agents—alongside banks and professional securities market participants.

For businesses holding cryptocurrency at foreign addresses, the government plans to introduce a mandatory requirement for repatriation of funds to Russia; however, this provision is not explicitly stated in the bill, but the bill grants the Russian government the authority to establish such a requirement.

The bill does not outline penalties for failing to notify the FTS about cryptocurrency wallets or for not submitting reports.

This document accompanies the main bill “On Digital Currency and Digital Rights,” which was also submitted to the State Duma on April 1. The primary project sets forth requirements for the infrastructure necessary for cryptocurrency operations in Russia. The package of bills does not include amendments to the Administrative Offenses Code or the Criminal Code that would impose penalties for failing to notify the tax authority.