Russia Mandates Reporting for Cryptocurrency Transactions Exceeding 127,000 Yen

Automated Monitoring of Large Foreign Exchange Transactions

Russian financial authorities, known as Rosfinmonitoring, are set to gain the authority to monitor cryptocurrency transactions related to foreign trade. According to reports by Interfax, as relayed by Kommersant, an amendment to the Digital Currency and Digital Rights law will introduce a system where transaction information exceeding 1 million rubles (approximately 2.12 million yen, with 1 ruble being equivalent to about 2.12 yen) is automatically sent to the agency.

The amendment...