Russia Introduces Mandatory Reporting for Crypto Transactions

Highlights:

• Russia has introduced mandatory transaction reporting for commercial banks.
• The new rules will apply to crypto and non-crypto-related transactions.
• Banks must also report the mechanisms and sources of funds for cross-border transfers. 

Russia’s central bank is planning to roll out new rules, mandating commercial banks to report detailed information on clients’ crypto-related transactions. These updated regulations form part of a broader set of reporting guidelines that apply to all cross-border transfers, including crypto and fiat transactions initiated by Russian citizens. The move comes as Russia prepares to fully regulate its cryptocurrency market and bring the asset into citizens’ everyday use. 

Details of Russia’s Mandatory Reporting Rules

Under the draft rules, commercial banks must clearly state whether both the sender and the receiver are residents of Russia or are based in another country. The report must also contain details on the mechanisms of fund transfer. These include the service utilized, the middle party involved, and the transaction charges incurred. In addition, banks must also report the source of the funds and how they were paid. These include cash payments, bank accounts, debit or credit cards and other electronic payment methods. Another remarkable change was that crypto purchases and sales must be listed separately.

Aside from fiat and crypto, the draft rules also introduce a separate section for transactions involving digital rights and token-based real assets like tokenized securities, precious metals, and other instruments covered under Russia’s law on Digital Financial Assets. Products like non-fungible tokens (NFTs) will also be tracked.

Banks will also have to report payments for services such as video games, computer services, insurance, and communication services. The central bank emphasized that these changes are necessary to track the flow of funds in and out of the country through cryptocurrencies. It also helps to understand the influence of crypto on investments and debts, including how to integrate the asset class in official economic reports, just like oil, gas, or other industries.

Officials Aim to Introduce a Level of Control Similar to that of Crypto Mining

In Russia, crypto mining was officially recognised and regulated as an industrial activity in the last quarter of 2024. By December last year, income from mining expanded significantly. Crypto mining was subsequently treated as a hidden export with a strong positive influence on Russia’s economy. The nation’s central bank head also confirmed that the mining sector has strengthened the ruble. This has pushed authorities to strive to introduce the same level of control and clarity for other crypto-related activities, including investing and trading. 

In December 2025, Russia’s central bank released the key points of its new plans for regulating the crypto market. The proposal allowed companies and individual investors to invest in digital assets such as Bitcoin (BTC) and Ethereum (ETH). However, each investor’s group must abide by different rules in terms of purchase cap, basic tests, and other conditions.

The central bank stated:

In recent news, Russia disclosed plans to integrate cryptocurrencies into citizens’ daily lives. Anatoly Aksakov, Chairman of the Financial Markets Committee in the State Duma, spoke extensively on how the country aims to achieve this goal. He also highlighted the significance of integrating cryptocurrencies into Russia’s formal economy.

The Chairman stated: