Russia’s Crypto Bill Clears Second Reading as BTC Hits 5-Week High

Russia’s crypto bill has advanced: the State Duma Financial Markets Committee approved the revised “On Digital Currency and Digital Rights” for a second reading. First reading passed in April (327/340). Key changes include removing the requirement for holders to declare wallet addresses, replacing it with reporting of wallet balances and transaction volumes, plus added investor protections and tighter transfer controls. The core policy remains: cryptocurrencies are banned for domestic payments, but allowed for cross-border trade. The bill also sets eligibility limits (major assets with market cap above 5 trillion rubles and at least five years of trading history), with Bitcoin and Ethereum expected among the first approved. It allows crypto-funded investment into Russian securities and Digital Financial Assets, and creates a framework for licensed brokers/asset managers to access approved foreign crypto exchanges under conditions. Authorities can delay certain large outbound crypto transfers by up to two days; the retail annual cap stays at 300,000 rubles. Separately, Bitcoin strengthened technically, posting its highest weekly close in five weeks and holding above the 200-week moving average for a third straight week. Traders are watching support near $58K and $49K, and resistance at $67K and $83K. For traders, Russia’s crypto bill is a “regulatory clarity” signal for cross-border liquidity, but the domestic-payment ban and potential whitelisting could limit broad retail demand.