Russia Tightens Noose on Cryptocurrency Owners with Disclosure Requirements

The Central Bank of Russia is planning to require financial institutions to disclose their customers' cryptocurrency holdings in their statements, starting from July 1, 2027.

This move is part of a broader effort to regulate the Russian cryptocurrency market, which was legalized for the first time with the passage of the 'On Digital Currencies and Digital Rights' law on September 1. The law established general rules for the market, but government agencies are now elaborating secondary regulations.

The Central Bank will be responsible for registering and licensing market participants, including developing compliance standards and qualification criteria for investors. The regulator oversees the circulation of cryptocurrencies in the Russian economy, while the Federal Financial Monitoring Service identifies suspicious flows.