Russia plans to impose mandatory surveillance on cryptocurrency transactions worth over 1 million rubles.

CoinFeed reported on May 19th that, according to Bits.media, the Russian State Duma is considering a supplementary bill to the "Law on Digital Currency and Digital Rights," proposing mandatory monitoring of cryptocurrency transactions exceeding 1 million rubles (approximately $13,700). The bill requires operators to identify customers, detect suspicious transactions, implement internal controls and document management, transmit data to government agencies, and connect with the Central Bank of Russia. Digital compliance will be mandatory, including checking wallets and cryptocurrencies for money laundering and funding of organizations deemed undesirable. Exchanges can delegate customer identification procedures to banks and must operate as non-credit institutions. The central bank has the power to restrict their activities, require management changes, remove them from the register, and even liquidate the company through the courts.