Russia to Mandate Detailed Reporting of Cryptocurrency Transactions by Banks

The Central Bank of Russia is preparing new regulations that will mandate commercial banks to report in detail on their customers' cryptocurrency-related transactions, it has been revealed. According to local media citing the draft on the 16th, the new regulations will require comprehensive information provision including the identity of the sender and recipient (whether they are residents of Russia or not), the method of transfer, intermediaries, fees, type of transaction, and the source of funds (cash, bank account, credit card, etc.). Additionally, separate reports will be necessary for the buying and selling of cryptocurrencies, and there will be dedicated sections for reporting digital rights and NFT transactions. This measure precedes the comprehensive regulatory law scheduled to be enacted by the summer of 2026.