The Central Bank of Russia is moving to impose stringent new reporting requirements on commercial banks to track citizens' cryptocurrency transactions, particularly those tied to cross-border money flows. The draft regulation, expected to be implemented ahead of broader digital asset legislation later this year, mandates that banks submit detailed reports on customer crypto activity.
The new rules will require banks to report comprehensive data on nearly all international transfers initiated by Russian citizens. This includes specifying whether senders and recipients are residents or non-residents, the transfer method, intermediaries used, and fees charged. Crucially, cryptocurrency purchases and sales must be reported separately, with banks also required to disclose the source of funds used, such as cash, bank accounts, or cards.
The scope extends beyond standard cryptocurrencies like Bitcoin. Under Russia's "Digital Financial Assets" (DFA) law, the reporting framework will also cover transactions involving digital rights, tokenized securities, precious metals, and non-fungible tokens (NFTs).
The central bank justifies the move by citing the need to accurately reflect crypto activity in national economic statistics, including the balance of payments, international investment position, and external debt. A key driver is the formal recognition of cryptocurrency mining as an industrial activity, with officials acknowledging by late 2025 that mining revenue had reached levels significant enough to be considered "hidden exports" influencing the foreign exchange market and contributing to ruble strength.
Alongside the reporting reforms, the regulator plans a broader market review to examine how banks interact with digital assets, measuring risks within the financial system before finalizing new laws that could classify major cryptocurrencies as monetary assets and expand retail investor access.
