Russia plans to comprehensively monitor cryptocurrency transactions, with detailed reporting required for transactions exceeding 60,000 rubles.
1 hours ago
The Russian government plans to adopt supporting legislation to authorize the Federal Financial Monitoring Service of Russia (Rosfinmonitoring) to monitor all crypto transactions, requiring more detailed information for crypto transactions exceeding 60,000 rubles and cross-border crypto transactions over 1 million rubles. Russian digital depositories and foreign financial institutions must submit payers’ and payees’ names or enterprise names, wallet addresses, physical addresses, dates of birth, and tax identification numbers; for transactions under 60,000 rubles, only the name or enterprise name and wallet address are required. The bill also proposes capping banks’ digital asset exposure at 1% of their banking group’s capital, and expanding the Central Bank of Russia’s authority to restrict or ban certain crypto transactions. The relevant law was originally scheduled to take effect on July 1, but its deliberation has been blocked, and it may now be implemented on September 1.
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