Russia has submitted new legislation requiring residents to declare foreign cryptocurrency wallet activities to tax authorities starting July 1, 2026. Under the proposed bill, Russian residents must report wallet openings, closures, and transactions to tax authorities within one month of occurrence. This represents a significant tightening of Russia's regulatory approach to cryptocurrency oversight, moving toward mandatory disclosure requirements that could impact privacy and compliance costs for Russian crypto users. The legislation is part of broader global efforts to increase transparency in digital asset transactions and combat tax evasion through cryptocurrency channels.