PANews reported on June 10th, citing Bits.media, that Russian Deputy Finance Minister Ivan Chebeskov stated that the Ministry of Finance may allow a limited number of legal entities to legally use non-custodial crypto wallets, but this will not be open to retail investors. Market participants have demanded that the right to use both custodial and non-custodial wallets within a legal framework be retained, but the Ministry of Finance is currently unwilling to agree to the use of uncontrolled crypto addresses. The Ministry of Finance has pledged not to prohibit holding cryptocurrency in non-custodial wallets, but when withdrawing assets from legitimate Russian crypto depositories and exchanges, withdrawals can only be made to custodial wallets verified by the customer, and it is not possible to send crypto assets from Russian custodial wallets to non-custodial wallets outside of Russia.

The Russian government's cryptocurrency bill has passed its first reading in the State Duma and is preparing for its second reading. The new version may include additional transaction fees for certain cryptocurrencies, including USDT, to incentivize Russians to abandon the use of such assets. Chebeskov stated that experimental legislative pilot programs could be considered after the law is implemented.