Russia's Financial Monitoring Service to be authorized to monitor all crypto transactions, reporting required for amounts over 60,000 rubles

CoinFeed July 10 news, according to Bits.media, the newly submitted draft bill by the Russian government intends to grant the Financial Monitoring Service the authority to monitor all cryptocurrency transactions. When a cryptocurrency transaction exceeds 60,000 rubles, and foreign trade cryptocurrency transactions exceed 1,000,000 rubles, the agency will collect complete information including the full names or legal entity names of payers and recipients, wallet addresses, physical addresses, dates of birth, and taxpayer identification numbers. For transactions below 60,000 rubles, only names and wallet addresses are required. The bill also sets a new limit for banks on digital asset transactions at 1% of the banking group's capital, and banks are required to hold corresponding funds for purchased cryptocurrencies to cover risks. The central bank will be authorized to restrict or prohibit specific crypto operations when they threaten investor interests or may "undermine the stability of the financial system", with the scope expanding from non-bank financial institutions to banks.