Russia Advances Bill to Track Crypto Transfers Over 60,000 Rubles in Real Time

Broader reporting to Rosfinmonitoring

Under the draft framework, Rosfinmonitoring would receive real-time data on crypto transactions above 60,000 rubles, a lower threshold than the 100,000 rubles proposed earlier. The reporting requirement would also cover foreign trade transactions involving cryptocurrency worth 1 million rubles or more.

For transfers above 60,000 rubles, the information to be submitted would include the full name of the individual or legal entity, wallet address, physical address, date of birth and taxpayer identification number of both the payer and the recipient. For smaller transactions, only the name and wallet address would have to be reported.

The bill would also route transactions between Russian residents and non-residents automatically to Rosfinmonitoring’s financial intelligence division, without the need for a separate request. According to the source article, foreign financial institutions that hold data on Russian citizens’ crypto activity would also be required to submit reports when transaction amounts exceed the threshold.

Committee backs second reading

The State Duma’s Financial Markets Committee has approved the draft law on state control over cryptocurrency for its second reading. Committee chairman Anatoly Aksakov confirmed the recommendation to pass the document.

The amended text drops an earlier requirement for residents to declare cryptocurrency wallet addresses in full. Instead, declarations would cover balances and transactions only. Aksakov said the change was intended to protect privacy and reduce the risk of leaks of sensitive information.

Alongside tighter reporting, the package would open some additional legal channels for crypto use. Licensed Russian brokers and asset managers would be allowed to transact on foreign crypto exchanges, provided those platforms meet jurisdictional friendliness requirements. Another amendment would permit the legal purchase of stock market securities and Russian digital financial assets using cryptocurrency.

Limits, freezes and central bank powers

For non-qualified investors, the bill sets an annual cap of 300,000 rubles through a single intermediary and limits access to the most liquid cryptocurrencies. It would also impose a mandatory two-day freeze on transfers of significant amounts abroad or to third parties.

The legislation further expands the Bank of Russia’s authority over the sector. Powers that previously applied only to non-credit financial institutions would be extended to banks, allowing the central bank to restrict or ban specific cryptocurrency transactions if they are considered a threat to investor interests or to financial stability.

Banks would also have to hold cash reserves equal to the value of any cryptocurrency they purchase in order to cover associated risks. The package additionally establishes a new maximum limit on digital asset transactions for banks, following an earlier proposal that had set the level at 1% of a banking group’s capital.

Expected start date pushed back

The package had originally been due to take effect on July 1, but its progress in the State Duma was delayed. It is now expected to enter into force on September 1.

The measures, as described in the bill and committee approval, combine tighter state monitoring with a more formal legal framework for selected crypto transactions, while leaving the final shape of enforcement and implementation to the legislative process still under way.