Russia Tightens Crypto Oversight with Mandatory Bank Reporting
Russia's Central Bank has issued an amendment requiring commercial banks and financial firms to include customers' cryptocurrency holdings in official certificates.
The move is part of the country's efforts to strengthen oversight of cryptocurrencies, which was legalized under the Law on Digital Currency and Digital Rights that took effect on September 1.
Under this law, both individuals and companies can buy and sell cryptocurrencies, but non-qualified investors are limited to purchases of less than $4,000 a year per broker, or about 5.4 million won.
The Central Bank also requires the inclusion not only of cryptocurrencies but also of 'digital financial assets' as defined by Russian law, which includes tokens issued on private blockchains or tokenized securities.