The Russian Central Bank plans to tighten mandatory reporting requirements, demanding that commercial banks disclose detailed information on all customer transactions involving cryptocurrencies, such as purchases/sales, the identities of both parties, the method of transfer, intermediaries, and fees.
This proposal is part of a new reporting system applied to all cross-border money transfers involving Russian citizens, aimed at increasing the transparency of money flows and digital asset transactions.
- Russia is preparing to require banks to report detailed cryptocurrency transactions by their customers.
- The regulations are linked to a new reporting system for cross-border money transfers by Russian citizens.
- Non-Fungible Token , digital rights, and Tokenize physical assets are also required to be reported separately.
What does the draft require banks to report?
Commercial banks will be required to report customers' cryptocurrency purchase/sale transactions with detailed data on the parties involved and the flow of funds.
According to the draft, the report content includes: the identities of both parties involved in the transaction; the specific method of money transfer; the intermediaries processing the transaction; and the fees charged. The scope targets cryptocurrency transactions, focusing on standardizing data fields for monitoring purposes.
Reporting requirements are not limited to buy/sell activities. Transactions involving digital rights, Tokenize physical assets (e.g., stocks and precious metals), and Non-Fungible Token will also be separately reported, demonstrating how digital assets are categorized into groups within the new system.
In the context of fluctuating regulations and monitoring of money flows, market observation tools such as Derivative (OI, funding, liquidation) and liquidation on BingX can help traders track the short-term reaction of the cryptocurrency market to policy moves.
Which system are these regulations connected to, and to whom do they apply?
The reporting requirement is part of a soon-to-be-implemented reporting system for all cross-border money transfers involving Russian citizens.
The Russian Central Bank is planning new regulations that would place detailed reporting obligations within a unified reporting framework for cross-border money transfers. This means that transaction data related to cryptocurrencies will be collected alongside other international money flows.
Regarding the scope of the subject matter, the draft emphasizes transactions involving Russian citizens and conducted through commercial banks. The key point of the proposal is to expand the level of detail (participating parties, method of transfer, intermediaries, fees) instead of just providing a summary report.
