Russia will require banks to report customers' cryptocurrency transactions

According to market news, the Central Bank of Russia is planning to introduce new regulations requiring commercial banks to report in detail on customer transactions related to cryptocurrencies.

This requirement is part of the upcoming new reporting system for all cross-border fund transfers by Russian citizens. According to the draft, banks must report transactions involving the buying and selling of cryptocurrencies, and must provide information on the identity status of both parties involved in the transaction, the specific method of fund transfer, the intermediary institutions handling the transaction, and the fees charged. Additionally, transactions involving digital rights, tokenized physical assets (such as securities and precious metals), as well as NFTs will also be reported separately.