Russia Requires TIN for Crypto Depository Accounts
The Russian government is implementing new regulations for cryptocurrency and digital assets. A key component of this framework is the requirement that crypto depositories only open accounts for clients who have a tax identification number (TIN). This TIN will serve as a mandatory client identifier, making operations with cryptocurrency more transparent.
According to Vlada Gracheva, an advisor to the director of Rosfinmonitoring, this approach is necessary to ensure that operations with cryptocurrency are reliably matched with specific market participants. The TIN consists of 12 digits and is assigned to a person once, valid throughout Russia, and does not change when moving, changing surnames, or updating passport data.
The new regulations come into effect on September 1, introducing comprehensive rules for the circulation of cryptocurrencies. This includes establishing through which infrastructure such operations can occur. Cryptocurrency exchanges are needed for buying and selling cryptocurrencies, while digital depositories are for accounting and storing rights to such assets and accompanying operations with them.