Instead of pre-established lists of recipients, banks will be able to independently determine which transactions raise suspicions and deny them. This version of the draft law "On Digital Currency and Digital Rights" No. 1194918-8 has been prepared for its second reading and has been posted in the State Duma database, Interfax reported.

Initially, it was envisaged that the authorized government body would maintain two public lists. The first would include Russian companies, sole proprietors, and foreign individuals organizing cryptocurrency transactions bypassing legitimate market participants. The second would include foreign payment service providers servicing transfers for them, with the exception of foreign banks.

Not only credit institutions, but also payment agents, telecom and postal service providers, and the operator and participants of the digital ruble platform would be required to deny transactions for those on these lists. By the second reading, both lists were removed from the document. Instead, the bill introduced the concept of "unauthorized recipient"—an individual whom a bank suspects of organizing the circulation of digital currencies without having the legal right to do so in Russia.

Credit institutions and branches of foreign banks will identify such recipients based on their own internal documents. The bill does not establish uniform criteria for suspicion and does not stipulate that the Bank of Russia develop them. Therefore, banks will effectively make the decision on who to deny transfers to independently.

Banks will be required to transmit information about identified unauthorized recipients to the Central Bank. The regulator, in turn, will forward information about foreign payment services that process transfers for such recipients. There are no plans to make this information publicly available.

At the same time, the scope of organizations required to block transactions has been reduced. The new version applies only to credit institutions, branches of foreign banks, and banks that issue payment cards. Payment agents, telecom and postal operators, and digital ruble platform participants are excluded from the mechanism.

The card issuing bank will also be required to refuse a cross-border transfer to a resident client if the code or other transaction identifier assigned by the payment system indicates an illegal cryptocurrency transaction. If refused, the bank is obligated to immediately notify the client in the manner specified in the agreement.

However, the bill does not establish a separate procedure for notifying a recipient deemed unauthorized by the bank, nor does it define a procedure for appealing such a de facto block.

Transfers will not need to be refused if the transaction is conducted under a foreign trade agreement, on behalf of an organization that exchanges digital currencies, or on behalf of a broker or trustee in cases later determined by the Bank of Russia.

The new mechanism is scheduled to go into effect on July 1, 2027. From that date on, only trade organizers, brokers, trustees, digital depositories, exchange organizations, and clearing organizations will be able to organize the circulation of cryptocurrencies in Russia. Residents will be able to conduct digital currency transactions only through such participants or directly with them.

The State Duma plans to consider the bill in its second reading on July 21.