Russian Financial Supervisory Authority Granted Power to Monitor All Crypto Transactions, Reports Required for Transactions Over 60,000 Rubles

The new draft bill submitted by the Russian government aims to grant the Financial Supervisory Authority the power to monitor all cryptocurrency transactions. For transactions exceeding 60,000 rubles and foreign trade cryptocurrency transactions over 1 million rubles, the agency will collect complete information including the full names or corporate names of the payer and payee, wallet addresses, actual addresses, dates of birth, and taxpayer identification numbers. For transactions below 60,000 rubles, only the name and wallet address need to be provided. The bill also sets a new limit for banks on digital asset transactions at 1% of the banking group's capital, requiring banks to hold corresponding funds to cover risks for purchased cryptocurrencies. The Central Bank will be authorized to restrict or prohibit specific crypto operations when they threaten investor interests or could undermine the stability of the financial system, expanding the scope from non-bank financial institutions to banks. The bill is expected to come into effect simultaneously with the main cryptocurrency regulation legislation, originally set for July 1 but postponed, with the first deputy governor recently stating that the relevant laws may take effect on September 1.