Russia Mandates Tax IDs for Crypto Depository Accounts Amid Tightened Regulations
Russia has introduced stricter rules for its regulated crypto market by requiring clients to provide their Individual Taxpayer Number (INN) when opening digital depository accounts. According to Rosfinmonitoring, this move aims to improve transparency of cryptocurrency transactions and prevent money laundering.
The new requirement comes just days after Russia's regulated crypto market formally opened on September 1 under the country's first comprehensive framework for cryptocurrency trading, custody, and cross-border settlements.
Under the updated anti-money laundering law, digital depositories and operators of information systems that issue digital financial assets are prohibited from opening digital accounts for anonymous clients or people using fictitious names. For transactions exceeding 60,000 rubles, these entities must collect and transmit more detailed information about the parties involved.
The Bank of Russia has proposed Bitcoin, Ether, and USDT as assets that can qualify for organized trading based on criteria covering market capitalization, liquidity, and foreign trading history. Companies operating crypto exchange services have been given a transition period to comply with the new regime, with existing providers required to complete registration by July 1, 2027.