22.04.202611:50 Forex Analysis & Reviews: Regulation of cryptocurrency market continues in Russia

Meanwhile, as Bitcoin and Ethereum continue to register solid gains, the State Duma of the Russian Federation continues to advance legislation that governs the digital economy. Yesterday, the Duma approved in the first reading bill No. 1194929-8, which, if ultimately enacted, will introduce substantial changes to how citizens interact with tax authorities regarding crypto assets.

The bill's core provision introduces mandatory notification of the Federal Tax Service, FTS, of Russia when citizens open or close any crypto wallets located outside Russian jurisdiction; the measure aims to tighten control over the circulation of digital financial assets and to ensure greater transparency of related transactions.

In addition to the notification requirement, the bill adopts a more comprehensive approach to taxation; it proposes that citizens must submit reports to tax authorities on all operations executed through such crypto wallets, including information on incoming and outgoing transfers, as well as realized profits or losses.

The initiative aims to curb tax evasion and to ensure a level playing field for all economic actors; lawmakers expect that these measures will boost tax collection and reduce risks associated with the misuse of cryptocurrencies. However, in practice it is hard to imagine that authorities will be able to enforce the rules fully and that the initiative will operate exactly as designed.

Trading recommendations:

Regarding Bitcoin's technical picture, buyers now target a return to $78,400, which opens a direct road to $80,100, and from there the market would be within reach of $83,100. The most distant target stands at the high near $85,600, and a breach of that level would signal attempts to restore a bull market. In case of a Bitcoin decline, I expect buyers at $76,500. A return of the instrument below that area could quickly push BTC toward $75 000. The furthest downside target would be the $73,100 area.

Regarding Ethereum's technical picture, a clear consolidation above $2,459 opens a direct road to $2,575. The most distant target stands at the high near $2,684, and a breach of that level would indicate strengthening bullish sentiment and a return of buyer interest. In case of an Ether decline, I expect buyers at $2 380. A return of the instrument below that area could quickly push ETH toward $2,308. The furthest downside target would be the $2,244 area.

What we see on the chart:

- Red lines indicate support and resistance levels where either a price slowdown or active growth is expected;

- Green lines indicate the 50-day moving average;

- Blue lines indicate the 100-day moving average;

- Light green lines indicate the 200-day moving average.

A crossover, or a price test of moving averages, typically either halts the move or sparks fresh market momentum.