Russia plans to fully monitor crypto transactions, requiring detailed reporting for transactions above 60k rubles.

BlockBeats news. On July 10, the Russian government proposed to pass a supporting bill to authorize the Federal Financial Monitoring Service of Russia to monitor all crypto transactions, and to require more detailed information to be collected for crypto transactions exceeding 60,000 rubles and for cross-border crypto transactions involving more than 1 million rubles.

Russian digital depository institutions and foreign financial institutions will need to submit the payer’s and payee’s names or corporate names, wallet addresses, physical addresses, dates of birth, and tax IDs; for transactions below 60,000 rubles, only the name or corporate name and the wallet address are required. The bill also proposes to set a cap on banks’ digital asset exposure at 1% of the bank group’s capital, and to expand the Bank of Russia’s authority to restrict or prohibit certain crypto transactions. The relevant law was originally planned to take effect on July 1, but the review was hindered, and it may now be implemented on September 1.