Russia is moving to significantly expand oversight of cryptocurrency activity, with new rules set to require commercial banks to report detailed information on clients’ crypto-related transactions, particularly those involving cross-border transfers.
Central Bank Targets Crypto Transparency
The Central Bank of Russia (CBR) is preparing amendments to its reporting standards for financial institutions, extending existing disclosure obligations to banking operations tied to cryptocurrency. According to draft regulations cited by local media, the changes will apply to nearly all international money transfers made by private individuals.
The initiative comes as Russia prepares for full crypto market regulation later this year, with authorities seeking a clearer picture of how digital assets interact with the traditional banking system.
What Banks Will Be Required to Report
Under the proposed framework, banks will be compelled to submit comprehensive transaction-level data. Reports must specify whether both the sender and receiver are residents of the Russian Federation or foreign jurisdictions, eliminating ambiguity around cross-border flows.
Banks will also need to disclose how funds were transferred, including the intermediary used, the fees charged, and the transaction source, whether cash, bank accounts, payment cards, or other electronic means. Importantly, crypto purchases and sales must be reported separately, a move that directly targets investment and trading activity.
Tokenized Assets and NFTs Added to the Scope
Beyond cryptocurrencies, the reporting update introduces a dedicated category for digital rights and tokenized real-world assets. This includes instruments covered under Russia’s law “On Digital Financial Assets”, such as tokenized securities and precious metals, as well as non-fungible tokens (NFTs).
The scope goes even further. According to reports by Interfax, banks will also log transactions tied to video game purchases, software services, insurance, and communications, reflecting a broader attempt to modernize financial data collection.
Why Russia Is Expanding Reporting Rules
The CBR says the reform is driven by the need to capture “new economic phenomena” affecting Russia’s balance of payments, international investment position, and external debt. One key example is cryptocurrency mining, which was formally recognized and regulated as an industrial activity in late 2024.
In December 2025, a senior Kremlin official described mining revenues as a “hidden export” arguing that the sector now influences Russia’s currency flows. The head of the central bank later acknowledged that mining income has contributed to strengthening the ruble, underscoring why authorities want more granular data.
Preparing the Ground for Broader Crypto Regulation
With mining already accounted for, regulators are now turning their attention to crypto investment, trading, and banking exposure. In late December, the CBR published the outlines of a new regulatory concept that would classify digital currencies like Bitcoin and Ethereum as “monetary assets.”
The plan would also expand access for ordinary Russian investors, signaling a more permissive stance toward retail participation. However, that openness is paired with intensified monitoring, particularly through the banking sector.
Banks Face Deeper Scrutiny
Ahead of the legislation’s expected adoption by summer, the central bank plans a targeted market study involving several commercial banks. These institutions will be asked to disclose their own crypto investments and any lending to crypto-related companies.
The stated goal is to determine how exposed Russia’s regulated financial system is to cryptocurrencies, allowing policymakers to assess systemic risk before broader adoption accelerates. Notably, the CBR announced in October that it would permit banks to work directly with crypto assets, making transparency a prerequisite for expansion.
A Controlled Opening, Not a Free Pass
Taken together, the new reporting rules suggest Russia is pursuing a controlled integration of crypto into its financial system, rather than an outright clampdown. By forcing banks to act as information gateways, authorities aim to balance market development with macroeconomic oversight.
As Russia moves closer to formal crypto regulation, banks-and their customers-should expect far less opacity when it comes to digital asset activity crossing the country’s borders.
