Russia is planning new bank reporting rules to track crypto transactions tied to cross border money flows.
Russian banks may report crypto trades, NFTs, and tokenized assets under expanded central bank oversight.
The central bank is seeking clearer data on crypto activity before finalizing new digital asset laws.
Russia’s central bank is moving to tighten oversight of cryptocurrency-linked money flows through the traditional banking system. The regulator plans to require commercial banks to submit detailed reports on customer crypto-related transactions. This step comes ahead of broader crypto market regulation expected later this year. Authorities aim to gain clearer visibility into how digital assets move across borders.
Banks Face Expanded Crypto Reporting Duties
The Central Bank of Russia is preparing amendments to existing reporting rules for financial institutions. These changes will apply to cross-border transfers initiated by private individuals. Importantly, the requirements will also cover transactions connected to cryptocurrency activities. Local reports say the draft regulation already outlines the scope of the new obligations.
Under the proposal, banks must report detailed information on most international transfers by Russian citizens. They must specify whether senders and recipients are residents or non-residents. In addition, banks must identify the transfer method, intermediaries involved, and fees charged. This approach signals a shift toward deeper transaction-level scrutiny.
Crypto Trades and Digital Assets Added to Reports
The updated standards will require banks to separate crypto purchases and sales from other transfers. They must also disclose the source of funds used in each transaction. Accepted sources include cash, bank accounts, cards, and other electronic instruments. This level of detail marks a notable expansion of current reporting practices.
Moreover, the rules extend beyond standard cryptocurrencies. Banks must report transactions involving digital rights and tokenized real assets. These include tokenized securities, precious metals, and similar instruments defined under Russian digital finance law. Non-fungible tokens will also fall under the new reporting framework.
Broader Economic Activity Under Review
The central bank says the changes reflect new economic realities. Crypto-related activity now affects Russia’s balance of payments, investment position, and external debt metrics. Mining plays a key role in this reassessment. Authorities formally regulated crypto mining as an industrial activity in late 2024.
By late 2025, officials acknowledged that mining income had reached meaningful levels. Some policymakers described the sector as a hidden export influencing currency flows. Central bank officials later noted that mining revenue had supported ruble strength. These factors pushed regulators to improve data collection across the crypto sector.
Market Analysis Ahead of New Legislation
Alongside reporting reforms, the central bank plans a broader market review. The study will examine how banks interact with digital assets. Several institutions will disclose crypto investments and lending exposure to crypto firms. Regulators want to measure risks within the regulated financial system.
These efforts link to upcoming legislation expected by summer. Draft laws would classify major cryptocurrencies as monetary assets. The framework would also expand access for retail investors. Before adoption, regulators want clearer data on crypto-linked banking activity.