Russia Requires INN for Crypto Depository Accounts
Russia has implemented new regulations for its cryptocurrency market, requiring clients to provide their Individual Taxpayer Number (INN) when opening accounts with digital depositories. This move is part of the country's efforts to improve transparency and combat money laundering in the crypto space.
The INN will serve as a mandatory identifier for crypto accounts, even though Russian banks do not require it for ordinary bank accounts. According to Rosfinmonitoring, the INN will be used to ensure the transparency of cryptocurrency transactions. The new regulation comes into effect as Russia rolls out its regulated crypto market and expands anti-money laundering oversight.
The requirement applies to digital depositories, which maintain records of clients' cryptocurrencies and digital rights. For transactions exceeding 60,000 rubles, covered entities must collect and transmit detailed information about the parties involved. This includes the names of individuals and their digital account numbers or address identifiers.