Russia to Implement Comprehensive Crypto Transaction Monitoring, Requiring Detailed Reporting for Transactions Over 60,000 Rubles

According to Odaily, the Russian government plans to authorize the Federal Financial Monitoring Service (Rosfinmonitoring) to monitor all cryptocurrency transactions through a supporting bill. It will require the collection of more detailed information for crypto transactions exceeding 60,000 rubles and cross-border crypto transactions exceeding 1 million rubles. Russian digital asset custodians and foreign financial institutions must report the name or company name of the payer and payee, wallet address, physical address, date of birth, and tax identification number. For transactions under 60,000 rubles, only the name or company 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. It may now be implemented on September 1.