Russia to Increase Crypto Transparency with New Legal Framework
Russia is moving forward with the legalization of cryptocurrencies, which will significantly increase transparency for government agencies. Under the new regulations, information about citizens’ crypto wallets, balances, and transactions will be accessible to various state bodies, similar to how bank account data is currently handled.
The country is preparing to launch its first legal crypto exchanges, with the Bank of Russia recently approving rules for maintaining registries of exchanges and digital depositories. These platforms will be required to disclose detailed client information, including passport data and SNILS numbers, upon request from authorized agencies.
A wide range of government agencies, including courts, the Bank of Russia, Rosfinmonitoring, tax authorities, and law enforcement, will have access to crypto-related data. The procedures for accessing this information vary depending on the agency, with some requiring court decisions or prosecutorial approval. The FSB will have direct access to digital depositories for counterterrorism-related inquiries.
Automatic reporting to Rosfinmonitoring will be required for transactions exceeding 1 million rubles, including purchases, sales, and transfers to or from cold wallets. Platforms will disclose client identification data, transaction details, and information about counterparties, though access keys to addresses will remain inaccessible to government agencies.
Users should verify addresses and counterparties before transactions and keep documentation to justify the economic purpose of each transfer. The new regulations also mandate that client data be stored exclusively within Russia, with strict prohibitions on notifying users about requests from financial intelligence or law enforcement agencies.