Bank of Russia's New Reporting Requirements for Cross-Border Transfers
Russia’s monetary authority intends to oblige commercial banks to provide detailed reports on their customers’ transactions related to cryptocurrency. This policy is part of new reporting requirements that concern all cross-border transfers made by Russians and comes ahead of the full regulation of the crypto market planned for this year.
Bank of Russia Seeks Comprehensive Data on Citizens' Crypto Activities
The Central Bank of Russia (CBR) is preparing amendments to the reporting rules for financial institutions regarding money transfers initiated by private individuals. The upcoming requirements will also apply to banking operations related to cryptocurrency, local media revealed this week, quoting a draft regulation released by the authority.
It will compel banks to share comprehensive information about almost all international monetary transactions conducted by Russian citizens. The items listed in the document include the status of both the sender and the receiver – it should be clear whether they are residents of the Russian Federation or another jurisdiction.
The exact method used to transfer the funds, the intermediary employed to process the transaction, as well as the fees charged, must be known. The transaction’s type and source, which may include cash, a bank account, credit or debit card, and other electronic means, shall be stated, too.
Furthermore, purchases and sales of cryptocurrency will have to be reported separately. A dedicated column will also be devoted to data on deals involving digital rights or tokenized real assets like securities and precious metals, as defined in the Russian law “On Digital Financial Assets” (DFAs), and similar instruments such as non-fungible tokens (NFTs).
Besides investments and transfers of digital currencies and assets, purchases of video games and payments for computer, insurance, and communication services, among others, will also be recorded and reported in more detail.
Reporting Standards Update Driven by New Economic Phenomena
The Bank of Russia explains the reform in its reporting rules with the need to reflect new economic phenomena in the nation’s balance of payments, international investment position, and external debt. Transactions and proceeds related to cryptocurrency mining, which was recognized as a legitimate industrial activity and regulated in late 2024, provide one such example.
In December 2025, a member of the Kremlin administration noted that income generated in the sector is already significant enough to consider it a “hidden export,” influencing the country’s currency market. The high-ranking aide to President Putin suggested adding it to the balance of payments. The head of the Russian central bank later admitted the industry is actually making the ruble stronger.
The authorities in Moscow now want to properly regulate other crypto-related activities as well, like crypto investment and trading. In late December, the CBR published the highlights of its new regulatory concept for the market. The plan is to grant digital currencies such as Bitcoin and Ethereum the status of “monetary assets” and expand investor access to include ordinary Russians.
Ahead of the adoption of the already drafted legislation, which is expected by the summer, the central bank also intends to conduct a thorough analysis of the financial market to identify crypto-linked transactions. The probe will cover several banks, which will be asked to provide information on their investments in digital assets and lending to crypto companies.
The main goal of the study is to determine the extent to which Russia’s regulated institutions are exposed to cryptocurrencies. The monetary policy regulator announced in October that it will allow commercial banks to work with crypto assets.