Russia Mandates Detailed Crypto Transaction Reporting Above 60,000 Rubles

According to BlockBeats, on July 10, Russia's government proposed legislation to authorize the Federal Financial Monitoring Service to monitor all cryptocurrency transactions and require detailed reporting for transactions exceeding 60,000 rubles, with enhanced requirements for foreign crypto transfers above 1 million rubles.

Reporting institutions must provide payer and payee names, wallet addresses, entity addresses, birth dates, and tax identification numbers for large transactions; smaller transactions under 60,000 rubles require only names and wallet addresses. The law also sets a 1% cap on banks' digital asset exposure relative to capital and expands the central bank's authority over crypto transactions. Originally scheduled for July 1, implementation has been delayed to potentially September 1.