Russia Plans to Mandatory Monitoring of Large Crypto Transactions, Regulating Transfers Over 1 Million Rubles

Odaily Planet Daily News The Russian State Duma is reviewing a complementary bill to the "Digital Currency and Digital Rights Law," which proposes mandatory monitoring of cryptocurrency transactions exceeding 1 million rubles. The bill requires operators to identify customers, detect suspicious transactions, implement internal controls and document management, transmit data to government agencies, and interface with the Central Bank of Russia.

Furthermore, cryptocurrency exchangers can delegate customer identification procedures to banks but must operate as non-credit institutions. The Central Bank of Russia has the authority to restrict their activities, demand management changes, remove them from the registry, or liquidate the company through the court system. (Bits.media)