Russia's Central Bank to Implement New Reporting Rules for Crypto Transactions

According to PANews, the Russian Central Bank is planning to introduce new regulations requiring commercial banks to report detailed information on customer transactions related to cryptocurrencies. This requirement is part of a forthcoming reporting system for all cross-border fund transfers by Russian citizens. The draft mandates banks to report transactions involving the buying and selling of cryptocurrencies, including the identity status of both parties involved, the specific method of fund transfer, the intermediary institutions handling the transactions, and any fees charged. Additionally, transactions involving digital rights, tokenized physical assets such as securities and precious metals, and NFTs will be separately reported.