The Central Bank of Russia and the Ministry of Finance have drafted a new law on digital currencies and digital rights, set to take effect on July 1. The proposed legislation aims to enhance regulatory oversight by allowing state agencies access to cryptocurrency wallet and transaction data. Under the draft, only licensed exchanges will be permitted to facilitate crypto trading, while exchangers must be officially registered and meet capital requirements. Non-qualified investors will be required to pass a test, with a single investment limit set at 300,000 rubles (approximately $3,300). Exchanges and exchangers will need to disclose fund flows to the central bank and the Federal Financial Monitoring Service. From 2027, penalties may be imposed for using foreign platforms not legalized in Russia.