Central Bank Expands Oversight on Digital Asset Activity
The Bank of Russia is introducing new rules requiring commercial banks to report detailed information on all cryptocurrency-related transactions by Russian citizens.
The updated reporting requirements cover cross-border transfers, purchases, sales, and holdings of digital assets such as Bitcoin, Ethereum, and tokenized real-world assets. Banks must provide details on the sender and recipient, the transfer method, the fees charged, and the source of funds, whether cash, a bank account, a credit or debit card, or other electronic means.
The regulations also apply to transactions involving digital rights and non-fungible tokens (NFTs), as well as payments for online services, video games, and insurance. Banks will be required to submit a dedicated report for crypto transactions, ensuring regulators have a complete picture of both retail and institutional activity ahead of the country’s planned comprehensive crypto legislation later this year.
Economic Data and Regulatory Goals
The central bank says the new reporting rules are designed to capture emerging economic phenomena, including cryptocurrency mining, which was officially recognized as a regulated industrial activity in 2024. Officials have noted that mining revenue is significant enough to influence the Russian ruble, prompting its inclusion in national balance-of-payments calculations.
In addition to monitoring mining, the Bank of Russia aims to analyze banks’ exposure to digital assets, including investments in crypto companies and loans extended to the sector. The new framework complements plans to grant digital currencies the status of “monetary assets” and expand regulated investor access.
Industry experts say the initiative represents a major step in formalizing crypto oversight in Russia. By requiring banks to report every aspect of crypto-related activity, regulators hope to increase market transparency, prevent illicit activity, and ensure financial stability as the nation prepares for full digital asset regulation, expected by summer 2026.
Meanwhile, lawmakers reiterated that Bitcoin, Ethereum, and other cryptocurrencies will remain prohibited for everyday payments, keeping the country’s long-standing ban on digital assets as a means of exchange.