Russia plans to authorize the financial monitoring authority to fully oversee crypto transactions, requiring detailed reports for amounts exceeding 60,000 rubles.

Jinse Finance reported on July 10, citing Bitsmedia, that the Russian government plans to authorize the Federal Financial Monitoring Service of Russia to monitor all crypto transactions through supporting legislation. The law will require more detailed information to be collected for crypto transactions exceeding 60,000 rubles and cross-border crypto transactions over 1 million rubles. Russian digital depository institutions and foreign financial institutions must report the names or company names of payers and recipients, wallet addresses, entity addresses, dates of birth, and tax numbers. For transactions under 60,000 rubles, only the name or company name and wallet address are required. The bill also proposes to set the maximum digital asset exposure for banks at 1% of a banking group's capital, and to expand the authority of the Russian central bank to restrict or prohibit certain crypto transactions. The related law was originally scheduled to take effect on July 1, but its review has been delayed and it may now be implemented on September 1.