Russia plans comprehensive surveillance of crypto transactions, requiring detailed reporting for transactions over 60,000 rubles

Odaily Planet Daily News: The Russian government plans to authorize the Federal Financial Monitoring Service (Rosfinmonitoring) through supporting legislation to monitor all crypto transactions, and to collect more detailed information on crypto transactions exceeding 60,000 rubles and cross-border crypto transactions exceeding 1 million rubles. Russian digital custodians and foreign financial institutions will be required to report the name or corporate name of the payer and payee, wallet address, physical address, date of birth, and tax identification number; for transactions below 60,000 rubles, only the name or corporate name and wallet address need to be provided. The bill also proposes to cap banks' digital asset exposure at 1% of the bank group's capital and expand the Russian Central Bank's authority to restrict or prohibit certain crypto transactions. The relevant law was originally scheduled to take effect on July 1, but its review has been delayed, and it may now be implemented on September 1.