Russia Tightens Crypto Reporting, Lowers Threshold to 60,000 Rubles

Russia's financial‑intelligence agency Rosfinmonitoring will receive real‑time reports of every crypto transaction exceeding 60,000 rubles (about $780), a threshold cut in half from the previously proposed 100,000 rubles. The reporting requirement mandates the name or legal entity of both parties, wallet IDs, addresses, birth dates and tax numbers for transfers above the limit, while smaller transfers need only the name and wallet address.

Cross‑border crypto payments of 1 million rubles or more will be automatically forwarded to Rosfinmonitoring, giving authorities a continuous view of international crypto flows that Russia’s trade relies on. The draft law also expands the Central Bank’s authority to block specific crypto operations and obliges banks to hold capital equal to 1 % of their crypto holdings. The Finance Markets Committee of the State Duma approved the draft, and the package is expected to take effect in early September 2024.

The regulation targets both domestic crypto‑service providers and foreign institutions that serve Russian customers. It also introduces limited permissions for qualified investors to trade on foreign crypto exchanges, with caps on annual transaction values and restrictions to the most liquid coins. Analysts note that Russia’s crypto‑related trade volume could approach 1 trillion rubles by 2025, much of it routed through partners in China, India and Turkey.