Russia plans to legislate to prohibit local custodial wallets from transferring to offshore non-custodial wallets; starting in July, cryptocurrency purchases must go through licensed intermediaries.

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Deep Tide TechFlow message: On May 22, Bits.media reported that Ivan Chebeskov, Deputy Minister of Finance of Russia, said the final version of the government’s crypto market regulatory bill will keep the prohibition on transferring funds from locally held custodial wallets to offshore non-custodial wallets, applying only more lenient conditions to participants in foreign trade activities. The official said that once the bill officially takes effect, the authorities may explore certain use cases for non-custodial wallets within an experimental framework, but those discussions have not yet concluded.

The final version of the bill is expected to be completed next week and is hoped to be passed into law before the end of this session of the State Duma’s spring meeting. According to the bill, starting from July 2026, Russian individuals and businesses will be able to legally purchase digital assets only through licensed brokers, trust managers, or exchanges registered with the Central Bank, and access to foreign crypto platforms that comply with sanctions against Russia will also be restricted.

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