Russia plans to grant Rosfinmonitoring the power to monitor all crypto transactions

Shenchao TechFlow news, July 10, according to Interfax, Russia plans to pass a new bill authorizing financial monitoring agency Rosfinmonitoring to monitor all cryptocurrency transactions. The bill stipulates that crypto operations exceeding 60,000 rubles and foreign trade crypto operations over 1 million rubles must report extended information. Transaction data between residents and non-residents will be automatically transmitted to the financial intelligence department.

In addition, the bill requires digital custodians and foreign financial institutions to provide complete information on both parties to the transaction, including name, wallet address, physical address, date of birth, and tax ID number. It also proposes expanding the powers of the Russian Central Bank, allowing it to restrict or ban crypto operations when they threaten investor interests or the stability of the financial system. The bill is expected to take effect on September 1, simultaneously with the main bill.