Moscow tightens control over crypto transactions

The Russian Central Bank intensifies its surveillance of cryptocurrency-related activities. According to information reported by PANews, the Moscow regulator is preparing an unprecedented regulatory framework to enhance the traceability of digital financial transactions within its territory.

Strengthened Regulatory Framework for Russian Institutions

The new mandatory reporting system will cover all cross-border transfers made by Russian citizens. The country’s commercial banks will be required to submit detailed reports covering each transaction involving cryptocurrencies. These declarations must include the full identification of both parties, the specific transfer modalities, the identities of intermediary institutions involved in the payment chain, and the applied fee structure.

Expansion of Scope: Beyond Cryptocurrencies

The regulatory approach is not limited to cryptocurrencies alone. The Russian legislative project also proposes separate reporting for transactions involving digital rights, tokenized assets (including securities and precious metals), and non-fungible tokens. This layered reporting architecture reflects the Russian authorities’ intention to encompass the entire digital asset ecosystem, beyond traditional crypto.

This development marks a turning point in Russian crypto regulatory policy, laying the groundwork for comprehensive monitoring of cross-border digital flows.