Russia Requires Taxpayer IDs for Opening Crypto Depository Accounts
Russia has introduced new regulations for its crypto market, requiring taxpayer identification numbers to be provided when opening digital depository accounts. According to Vlada Gracheva, an adviser to Rosfinmonitoring's director, clients will need to provide their individual taxpayer number (INN) to comply with anti-money laundering requirements.
The new rule applies to digital depositories, which maintain records of clients' cryptocurrency and digital rights. This requirement forms part of the country's efforts to tighten identity checks in its regulated crypto market.
Russia's Federal Financial Monitoring Service (Rosfinmonitoring) stated that the INN becomes a mandatory identifier for crypto accounts, ensuring transparency in transactions carried out with cryptocurrency. The measure comes just days after Russia's regulated crypto market formally opened on September 1 under its first comprehensive framework for cryptocurrency trading, custody, and cross-border settlements.